Have you been watching the Bitcoin bull run from the sidelines? Were you ready to buy but not at all-time high prices? Well now could be your chance to jump in. And Bitcoin Black Friday may be the best time to do it.
Started In 2012, “Bitcoin Black Friday” promotes the flagship digital coin as retailers offer steals and deals which can be purchased with…Bitcoin. Items range from crypto-related products such as hard wallets and subscriptions to crypto analytical sites, to more mainstream consumer goods including bikes, toys and even jewelry.
But this Bitcoin Black Friday, the best buy could be the coin itself. The end of the bull run on Wednesday means the hottest coin in the crypto market may bring traders off the sidelines.
So what happened on November 26 to bring BTC crashing down from a high of $19,484 to $16,344, a 16% plunge? Coin Telegraph contributor Joseph Young summed it up this way: “Prior to the pullback, the open interest of the Bitcoin futures market hit a new record high. The derivatives market was also overheated with buyers, causing the market to sway to one side.”
Others pointed to the recent indications that the US Treasury might be preparing to issue regulate self-hosted crypto wallets before the end of President Donald J. Trump’s term. “If this crypto regulation comes out, it would be a terrible legacy and have long standing negative impacts for the U.S.,” tweeted Coinbase founder and CEO Brian Armstrong. “In the early days of the internet there were people who called for it to be regulated like the phone companies. Thank goodness they didn’t.”
As hodlers, whales, and institutional investors closely held their coin during the run up, they rushed to sell in the downturn. In 24 hours, the 3000 USD drop in BTC price released more than $950 million worth of positions, according to Bybit, a cryptocurrency futures trading & information platform. If you’re ready to buy, a window of opportunity may have opened. That’s IF you’re ready to buy.
“The latest BTC price drop is the first of many tests for new money on whether they have the vision and stomach to truly invest in BTC and the future of digital finance, or if they’ll simply repeat 2018 and wash out of the market,” Jehan Chu, co-founder and managing partner at Hong Kong-based blockchain investment and trading firm Kenetic, told CoinDesk.
That said, consider this from respected trader and author Peter Brandt who tweeted an insight earlier this month: “During the 2015–2017 bull market in Bitcoin, there were 9 significant corrections with the following averages: 37% decline from high to low, 14 weeks from one ATH to the next ATH. Since the early Sep low there have been two 10% corrections.”
Seasoned traders agree and appear to be ready to jump on this window of opportunity in the Bitcoin market. “As what I said on 23 of Nov., #BTC didn’t break 19500$ and turn back to 1600$, second chance to buy cheaper coins!” tweeted @BitSigmaBTC. “ This time will be the 2 nd& maybe LAST chance to buy some cheaper #BTC.”
Yes, you can buy BTC cheaper and even get a few deals in the process during the Black Friday promotions. Look for deals that make buying BTC easy, convenient and more affordable. For example, STEX partner Coinify is offering 0% fees on card and bank trades. Others are offering reduced trading fees, a BTC bonus, and other special offers.
Following the lead of the mainstream retail market, Bitcoin Black Friday deals are already live on most crypto-related sites. So check them out now to be ready to move when your timing is right. Is it today? Tomorrow? No one has the answer what will happen in this market correction.
“I still see all-time highs by the end of 2020,” tweeted Antoni Trenchev, co-founder and managing partner at Nexo, a crypto lending firm.
“There are no holy grails. The best a trader can attain is an edge,” Brandt tweeted.
Find yours during Bitcoin Black Friday.
Joyce Pavia Hanson
Originally published at https://www.stex.com on November 26, 2020.