Is Another “Thanksgiving Massacre” for Bitcoin on the Horizon? BTC Falls to $91k, What Lies Ahead?

This morning, the Bitcoin price has rebounded to $93,600 after experiencing a drop to $91,000 overnight, with profit-taking remaining robust in the market today.

BTC is currently stable over the past week, having corrected after reaching a new all-time high of nearly $100,000 on Friday.

While it is still up by 36% over the last month, some analysts and traders are starting to draw comparisons between its present behavior and the so-called ‘Thanksgiving Massacre’ of 2020, when the coin’s price fell from just above $19,000.

However, Bitcoin’s decline from its new ATH has not been as drastic as it was at that time, maintaining its medium-term momentum as it aims to recover.

Is A Repeat of the 2020 “Thanksgiving Massacre’ Imminent for Bitcoin? BTC Drops to $91k, What’s Next?

BTC’s downturn this week has prompted several experts and analysts to reference the 2020 selloff, yet most have also pointed out that the cryptocurrency subsequently rose significantly in the long run.

#Bitcoin crashing below $16k, exactly 4 years ago. They called it the “Thanksgiving Day Massacre.”
Everyone who bought the dip is up 480% pic.twitter.com/iCh3NlSI3a

— The Bitcoin Historian (@pete_rizzo_) November 26, 2024

In November 2020, BTC experienced a 17% decline within just a few days, as the coin attempted but failed to return to its then-record high of $19,783.

This time, Bitcoin dropped by 9% from its current ATH of $99,645, and it has since recovered to be only 6% below this peak.

This difference indicates two key points: first, the Bitcoin market is arguably more stable and somewhat less volatile than it was four years ago, with mainstream institutions now heavily invested in the token.

Secondly, the smaller decline also implies that the cryptocurrency maintains more momentum than it did at that time.

That said, BTC responded to its ‘massacre’ in 2020 by ultimately achieving new record highs, with late 2020 and much of 2021 marking a bull market for the token and the crypto sector as a whole.

Consequently, the comparison between now and the 2020 ‘Thanksgiving Massacre’ appears to be largely favorable, with BTC positioned well to establish new ATHs in the near future.

Examining its chart today, it is evident that the token seems poised for a stronger rebound in the coming days.

Source: TradingView

The RSI (purple) has increased from 30 to 50 as of this writing, while its 30-period average (orange) has leveled off and is expected to begin rising back toward the 200-period average (blue).

Based on this analysis, the Bitcoin price is projected to reach $95,000 again within the next week, before making another attempt to surpass $100,000 by mid-December.

Market-Beating Gains with Popular Presale Coins

Traders looking to diversify beyond BTC may also want to explore new small-cap tokens, including presale coins.

Presale tokens can sometimes be a favorable investment, with the most prominent ones often outperforming the market upon their initial listing.

One coin with a promising outlook is the layer-two project Pepe Unchained (PEPU), which has raised an impressive $54 million in its soon-to-conclude sale.

LAYER 2 AUDIT COMPLETE
Today we have some exciting news to share with the community!
As you’ve probably noticed, the presale is ending in less than a month.
The token and fully operational Layer 2 will launch a few days after the presale has concluded.
We are happy to share… pic.twitter.com/huhsEGj71U

— Pepe Unchained (@pepe_unchained) November 18, 2024

Pepe Unchained is only weeks away from launching its L2 network for Ethereum, with its sale concluding in just under 16 days.

Its L2 will provide rapid transactions and low fees, including instant bridging between Ethereum and itself.

The project aims to become a significant hub for meme tokens, with plans to introduce a launchpad for tokens alongside its mainnet launch.

Additionally, its scalability allows it to offer double the staking rewards compared to what it would have provided as a layer-one token, potentially increasing demand for the coin.

It has a maximum supply of 8 billion PEPU, and notably, its official X account has now amassed over 61,000 followers.

This is substantial for such a new coin and indicates that it could perform exceptionally well upon listing.

Read More: Pepe Unchained Price Prediction

Investors can participate in PEPU’s sale at the coin’s official website, where it is currently available at a final presale price of $0.01295.

Buy PEPU Now

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