Bitcoin’s Recent Downturn
Bitcoin’s price has slightly dropped from its yearly high of $38,000 to around $37,300. Many analysts are predicting further decline during the Thanksgiving period, citing historical trends for the popular cryptocurrency.
Past Thanksgiving Price Trends
Historically, Bitcoin has seen price drops around Thanksgiving, with notable declines in the past three years. In 2020, Bitcoin retraced by 17%, followed by a 10% drop in 2021 and a 5% decline last year.
Future Price Outlook
Analyst KALEO suggests that investors should consider buying during the potential dip, predicting a rise to $40,000 by year’s end. Additionally, CryptoCon forecasts a new all-time high for Bitcoin by May 2024, shortly after the next halving.
Take Advantage of a Potential BTC Dip?
Recently, Bitcoin’s price has slightly retraced from its yearly high of $38,000 to around $37,300. According to the popular cryptocurrency analyst KALEO, the downtrend could continue during the Thanksgiving weekend, based on historical trends and price declines during previous years.
KALEO believes investors should not be worried about a potential drop and should consider “buying the dip” to take advantage of potential lower prices.
Some of the Recent BTC Bets
Looking ahead, KALEO predicts that Bitcoin could soar to $40,000 before the year’s end, although a possible correction towards $34,000 is also expected. On the other hand, CryptoCon suggests that Bitcoin might spike to a new all-time high by early May 2024, shortly after the next halving.
If you’re interested in exploring additional price predictions, you may want to look at dedicated videos from other prominent figures.
Hot Take
Bitcoin’s price has recently retracted from its yearly high, and based on historical trends, there’s a potential for further decline during the Thanksgiving period. Analysts like KALEO are recommending buying the dip, while predictions suggest a potential rise to $40,000 by year’s end and a new all-time high by May 2024. If you’re considering investing in Bitcoin, now may be a good time.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.