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Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020

A strange sense of déjà vu pervades crypto markets as Black Friday delivers a rare buying opportunity right on cue.

Bitcoin (BTC) may be down 20% from all-time highs, but this is a golden opportunity to “buy the dip,” analysts argue.

Black Friday is living up to its name in crypto this year as both Bitcoin and many altcoins are trading at their lowest in six weeks.

Misgivings over $53,000 floor

After an overnight sell-off sparked by a declining United States dollar and macro markets rattled by a new coronavirus variant, BTC/USD is trading near $54,000.

As mainstream media highlight the fall, others are far from concerned, however — current prices arguably offer a golden entry opportunity.

Others poked fun at a knee-jerk article from Bloomberg in which the publication initially declared that Bitcoin had “entered a bear market.” 

On short-term targets, popular trader and podcast host Scott Melker warned over going with the herd, expecting even lower levels to buy.

Read more:  Grayscale Bitcoin premium rebounds as BTC price falls below $35K — What does it mean?

“We all seemingly want to see 53K, which usually means we get front run at 53.5K or price nukes straight through and we HFSP,” he tweeted.

Standing in the way of further losses on Bitcoin is a heavy block of buyer support at $53,000 — roughly the area that corresponds to Bitcoin’s $1-trillion market capitalization.

Meanwhile, historical data serves as a timely reminder that Black Friday bargains are something of a common theme for Bitcoin.

In late November 2020, BTC/USD dipped to around $16,400 — only to then go on to tackle and beat out $20,000 for the first time in three years.

Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020

BTC/USD 1-day candle from November 2020. Source: TradingView

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