- Bitcoin experiences significant price movement around major holidays, including Christmas.
- Watch the trend of Bitcoin before, during, and after the Christmas season.
Bitcoin Price Movement Before and After Christmas
Bitcoin is known to experience significant positive price movements around major holidays is undeniable. Bitcoin’s best run of a bullish breakout this year coincided with Thanksgiving. As we begin the Yuletide season, let us take a look at how Bitcoin fared before and after the Christmas season over the years.
Bitcoin in 2016
Prior to Thanksgiving in 2016, Bitcoin traded at around $740 apiece, it traded in the range for the next couple of weeks. As the yuletide began in 2016, Bitcoin which was trading at $790, experienced a price jump closing the year at $963. The number one cryptocurrency carried the momentum into the new year, peaking at $1,046.81 on January 6, 2017.
Bitcoin in 2017
2017 was a historic year for Bitcoin, as we saw the pioneer cryptocurrency grow more than 1,000 percent. However, there was no difference in the pattern for Bitcoin. Before Thanksgiving, we saw BTC exchange hand around $6,561.48, at the end of November, Bitcoin trading above $10,000. Bitcoin hit its then-record high of $20,089 just before Yuletide. As we all know, it spent the following weeks price-correcting.
On The Flipside
- Research has shown that Bitcoin experiences seasonal boosts in the buildup of holidays including international holidays.
- According to SFOX research, the February Bitcoin price hike can be directly linked with the Chinese New Year.
- In the week building up to the 2020 Chinese New Year, Bitcoin surged by more than 12 percent to trade above $10k for the first time this year. Bitcoin is a great store of value, until a holiday approaches.
Bitcoin in 2018
The general theme surrounding the crypto space in 2018 was “Bitcoin in a Bubble” as we saw the crypto space face massive declines. By Thanksgiving of 2018, Bitcoin was valued at $4,465. The holiday brought saw a small growth of 5 percent followed by a decline of about 20 percent leading up to Christmas. The trend continued in 2018 as Bitcoin surged past $4,000 on Christmas morning, only to self-correct in the subsequent days.
Bitcoin in 2019
The theme changed in 2019 as Bitcoin began finding new use cases and breaking into new industries, particularly finance. Bitcoin was pretty much stable around Thanksgiving but experienced a sharp pullback after the holiday, moving from $8,000 to just under $6,900. That set it up for a perfect Yuletide as Bitcoin surged by over 10 percent to close the year trading at $7,300. The uptrend continued throughout January 2019.
Bitcoin in 2020
As far as institutional investment goes, 2020 has been the best year yet for Bitcoin. The leading cryptocurrency has reached new heights of interests, investments, and valuation. Bitcoin began a breakout run just before Thanksgiving which saw Bitcoin reach a new year high of $19,348. What followed?
A correction that pushed it back to $17,853. Before the Yuletide, a record-breaking run saw Bitcoin smash through all previous highs to reach $24,209. Entering into the Yuletide, Bitcoin is currently trading at $23,670 with a plus 3 percent price gain in the next 24 hours. The trend is expected to continue until after the holidays. Then, a possible correction?