Although 2023 has certainly been a positive for the digital asset industry, last year did not fare the same. Subsequently, with positive moments abounding this year, we take a look back at the performance of the industry’s most prominent asset. Specifically, we observed the Bitcoin (BTC) price on Black Friday 2022.
The primary story of 2022 was the collapse of FTX, one of the largest failures the industry had ever seen. Therefore, a host of tokens sported poor performances throughout the tail end of the year. Subsequently, 12 months removed from that, the upcoming Thanksgiving should present a different story.
Conversely, a look at the price of Bitcoin during the important American holiday is an important historical observation that could hold even more information.
Also Read: Shiba Inu Price on Thanksgiving 2022
Bitcoin Price on Black Friday 2022
Since the inception of cryptocurrencies, Bitcoin has remained the market’s most prominent. Even now, the entire industry has been influenced by the overall performance of the asset. Subsequently, it has been catapulted into the mainstream with developments that occurred throughout 2023.
According to historical data, BTC was trading lower than its current market price of $36,532 on Black Friday 2022. On November 25, 2022, the price of BTC touched $16,603. Additionally, the price increased slightly following Black Friday the next day to $16,666.
Cryptocurrency experts at Changelly have predicted the price of BTC for Black Friday 2023. Analysts expect the coin to reach a minimum of $36,014 and a maximum of $47,389. Experts also predict the coin’s average cost to be around $46,420.
Also read: Nearly Half of CFTC Cases in 2023 Targeted Crypto
Examining the historical pricing of an asset can provide crucial context for understanding both current valuation and future performance potential. By analyzing past price actions and trends, investors can identify key support and resistance levels that may continue to be relevant.
Historical prices also allow investors to compute useful metrics like trading volume and volatility over different periods of time. This can aid in assessing risk and forecasting potential future moves.
Whether the BTC price can go up during Black Friday 2023 can vary greatly depending on market sentiment. However, if the market proves to be bullish moving forward, the coin’s price can shoot up.