In the fall of 2020, Bitcoin experienced a significant surge in its value and appeared to be on track to reach the $20,000 milestone. However, during the U.S. Thanksgiving holiday, a wave of selling occurred, causing Bitcoin to plummet from around $19,500 to $16,200, marking a decline of almost 17%, which was quickly referred to as the Thanksgiving Day Massacre.

Four years later, Bitcoin is facing a similar decline after failing to surpass the significant milestone of $100,000, which is five times higher than the milestone of four years ago. However, this time, the decline has been less severe, with Bitcoin dropping by only about 8% to $91,500.

Despite the declines, the aftermath of the 2020 Thanksgiving Day Massacre was encouraging for Bitcoin bulls, as the cryptocurrency quickly rebounded and reached new record highs in mid-December, surpassing $24,000, and eventually reaching a peak of $65,000 in April 2021.



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