Black Thursday Was The Best Thing For Bitcoin In 2020 And Here’s Why

Black Thursday was the best thing for BTC in 2020 for reasons that we will discuss more in today’s New Year’s eve dedicated to our Bitcoin news.

March 12, 2020 will go down in the history as the Black Thursday event that started with a 50% drop in Bitcoin’s price but then ended up shocking the rest of the crypto market as well as the stock market. However, the day after was the best thing to happen to BTC all year round and became a crucial factor in the asset achieving a new all-time high of almost $30,000. 2020 started off with strong interest from the investors and even the stock market set a few all-time highs while BTC moved above ,000.
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Within the first quarter, however, the entire thing changed because of the COVID-19 Pandemic.

In March, Bitcoin was looking like it is in a serious risk as the panic-selling and cascade of stop-losses was hit with investors cashing out because of the fears of a strong impact on the economy which eventually led BTC to $3,800. The capitulation cleaned all of the weak hands on the market and the shakeout from $10,000 to $3800 but it also brought more fear in derivatives traders on the exchange with the market leader risking a liquidation. The BitMEX exchange fell out of grace at that time and the price action brought BTC to an attractive price point for all the newcomers but also confirmed the highest timeframe resistance turned support which is where the bear market bottom.

To save the stock market and the global economy, the governments started printing fiat money supply and issued the stimulus bill which can eventually increase the inflation in the next few decades and will leave investors scrambling. Now with institutions recognizing Bitcoin’s power, the cryptocurrency is becoming even more attractive. The rise in demand is reflected in the price increase and only amplified further by the impact of the halved supply. Without the Black Thursday, the perfect storm of BTC would have not been created.

Right now, Bitcoin is trading slighly below the $30,000 price point but many of the traders as well as the analysts are awaiting for the benchmark cryptocurrency to hit this level. For what it seems like, Bitcoin could surely surpass this level freshly into the new 2021.