Black Friday Sale 2022 – Buy Bitcoin and Ethereum at 70% Discount

YEREVAN (CoinChapter.com) – While shoppers around the world prepare for a Black Friday frenzy, Bitcoin (BTC) and Ethereum (ETH) each declined 70% year-to-date and will meet Thanksgiving around $16,500 and $1,150, respectively. So will BTC and ETH 70% Black Friday sale 2022 be included in the shopping spree?

Will the Black Friday Deal 2022 follow the historical pattern?

Should traders be ready to buy Bitcoin and Ethereum at a discounted price? A historical analysis might have the answer. As CoinChapter reported earlier, Thanksgiving and Black Friday sales tend to have a boosting effect on the BTC to USD exchange rate, which trickles down to Ethereum price and other digital assets with large market caps.

Crypto4Everybody, an independent market analyst, also noted that Bitcoin typically undergoes a bullish phase after the fall holidays.

From the last 9 Thanksgiving, counted since 2012, the Bitcoin price more or less bottomed out at this date 7 times (green arrows). So there were nearly no lower prices afterward until Bitcoin reached the next Top.commented the analyst while citing the chart below.

commented the analyst, providing a chart to match his outlook.

Additionally, the Black Friday shopping frenzy acts as a catalyst, prompting crypto enthusiasts to accumulate digital assets. However, 2021 saw an avalanche in the markets, defying the fine tradition, as the chart below demonstrates.

ETH to USD chart printed a similar pattern, with generally bullish behavior after the fall holidays. But the crypto market fell hard after the Nov 2021 peak due to a constellation of bearish factors, which landed the Bitcoin price at a discount.

Red ahead for Retail investors

While Black Friday sales 2022 do include crypto assets, the macroeconomic conditions might not favor the historical tradition. In detail, the aforementioned crypto analyst noted that the global Pandemic and subsequent economic strain played a pivotal role in the Q4 2021 crypto crash. Moreover, 2022 did not do the market any favors either, hinting that the bottom is not yet in.

Due to the heavy institutional fund inflows into the crypto market, the latter developed a correlation with risk-on assets. Thus, while a mild recovery might be in the books, Bitcoin is not likely to rally amid geopolitical turmoil and supply shortages.

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Some crypto enthusiasts might be ready to buy Ethereum at a discounted price, while others might shy away from risk-on investments until the dust settles. In any case, the Black Friday Sale 2022 offers a high-risk-high-reward game on the crypto market. Thus, every trader should decide for themselves if they’re ready to extend the shopping frenzy to include digital assets.