In the timeless novel "A Christmas Carol" by renowned English author Charles Dickens, Ebenezer Scrooge, the cold, greedy and overall unpleasant character, is visited by three spirits before Christmas. The first to haunt Scrooge is the Ghost of Christmas Past, which attempts to show the wealthy but shrill businessman that he needs to change his ways lest more misery is visited upon him.
The tale bares foreboding pertinence for the Bitcoin – the wealthy but self-observed prodigy of the financial market. Just like Scrooge is being reminded of his wrongdoings around previous Christmases, so Bitcoin's nearly 15% plunge at one point today is a stark reminder of the 2017 crash. Unless the market changes its opinions of the Bitcoin drastically, the cryptocurrency is bound to collapse once again.
The flagship of the crypto-world opened today's trading session at nearly 18,800, but several hours later it was probing below 16,500.
The rationale behind the dip is quite straightforward – traders and investors, who have been watching their Bitcoin profits grow steadily throughout 2020, decided to cash in en masse today in order to take advantage of the Black Friday discounts.
Similar developments were observed in 2017 at the height of the crypto craze when the Bitcoin was nearing the 20,000 mark right before Christmas. This psychologically satisfying number compelled many investors to cash in on their accumulated profits, and have a very merry Christmas.
The subsequent selloff resulted in the Bitcoin plunging to nearly 3,000 dollars. So, an essential question arises – is today's fall a prelude to a bigger crash that is yet to come, or is the crypto Scrooge ready to reconcile its previous missteps?
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