Bitcoin on Black Friday: Yearly Overview
2022: Price Recovery Amidst Bear Market
Context: Bitcoin was in a prolonged bear market after a significant sell-off earlier in the year, driven by macroeconomic factors like rising interest rates and crypto industry crises (e.g., FTX collapse).
Performance: Around Black Friday, Bitcoin's price remained relatively stable, hovering around the $16,000-$17,000 range. There was a slight recovery as some investors sought potential year-end bargains, but overall sentiment was cautious.
2021: Record Highs and Post-Rally Cool-Off
Context: Bitcoin had reached an all-time high of ~$69,000 earlier in November 2021, fueled by institutional adoption and retail interest. By Black Friday, prices had started to cool off.
Performance: Bitcoin dipped to around $54,000 during Black Friday. The decline was attributed to profit-taking after the massive rally and concerns about global economic uncertainty, including COVID-19 variants.
2020: Profit-Taking Amid Bull Market
Context: Bitcoin was in the midst of a bull run, driven by institutional interest and inflation hedging narratives. The price had surged significantly leading up to November.
Performance: Bitcoin experienced a brief dip around Black Friday, falling from ~$19,000 to ~$16,500 as investors took profits. However, this was short-lived, and Bitcoin resumed its rally, surpassing $20,000 in December for the first time in history.
2019: Stability During Slow Recovery
Context: After a strong rally earlier in the year, Bitcoin entered a consolidation phase in the second half of 2019. Market activity was subdued.
Performance: Bitcoin hovered around $7,000 on Black Friday, showing minimal movement. The lack of major catalysts kept trading volumes and volatility low.
2018: Continuation of Bear Market
Context: Bitcoin was deep in a bear market after the 2017 bubble burst. By November 2018, the price had plummeted from nearly $20,000 to under $4,000.
Performance: Around Black Friday, Bitcoin continued to decline, dropping from ~$4,500 to ~$3,700. Negative sentiment dominated as investors remained cautious about the crypto market's recovery.
2017: Pre-Bubble Euphoria
Context: Bitcoin was experiencing an explosive bull market. By late November 2017, the price was rapidly climbing toward its then-all-time high of ~$19,000 in December.
Performance: Around Black Friday, Bitcoin traded between $8,000 and $9,000. Retail investors fueled a rally as cryptocurrency was gaining mainstream attention.
