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bitcoin black thursday swan
Advertisement

Why ‘Black Friday’ Was The Best Thing To Happen Bitcoin In 2020

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

March 12, 2020, will go down in history books as Black Thursday. That day began a two-day, more than 50% collapse in Bitcoin. It also shook the stock market, precious metals, and crypto.  

But yet, that fateful day in hindsight was the best thing to happen to Bitcoin all year and was a crucial factor in the asset achieving a new all-time high and trading near $30,000 currently.  Here are all the reasons why. 

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Remembering The Onset Of Pandemic Panic In Early 2020

2020 started off roaring as investors had hoped, with the stock market setting new all-time highs and Bitcoin trading above $10,000. But within the first quarter of the year, the entire world changed due to the emergence of the pandemic. 

Anyone who was watching Bitcoin price charts on March 12, 2020, at the time had for the first time considered the cryptocurrency to be at serious risk. 

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The panic-selling and cascade of stop-losses being hit as investors cashed out fearing the coming impact on the economy, took Bitcoin back to $3,800. 

But the catastrophic moment now marks the greatest historic example of contrarian investing ever and is largely responsible for Bitcoin setting a new all-time high in the same year. 

bitcoin black thursday

Black Thursday is just a distant memory in terms of price action at this point, but its impact remains | Source: BTCUSD on TradingView.com 

Why Black Thursday Was The Big Bitcoin Moment Of Truth

Capitulation cleanses markets of any remaining weak hands, and the shakeout from $10,000 to $3,800 did just that. It also instilled fear in derivatives traders on BitMEX – the then-market leader – enough to get them to stop risking liquidation of their BTC. The exchange has since fallen out of grace.

The price action also did two other things: it brought Bitcoin to an extremely attractive price point for newcomers, and at the same time confirmed the highest timeframe resistance turned support and that the bear market bottom was in. 

To save the stock market and global economy at the same time,  governments printed fiat money supply and issued various forms of stimulus. The efforts could drastically increase inflation over the next few decades, leaving investors scrambling for an asset with an upside.  

RELATED READING | HERE’S WHAT HISTORY SAYS TO EXPECT FROM BITCOIN IN 2021

That asset has historically been Bitcoin and will continue to be due to its extremely limited supply and incredible long-term potential. Now that institutions are recognizing this, and at the same time see that upside in other markets is capped, the cryptocurrency could not possibly be more attractive. 

The rise in demand is reflected in the recent price increase and only further amplified by the impact of a recently halved supply. Without Black Thursday, the perfect storm for Bitcoin might not have arrived. 

Now that it’s here, it’s forecasted to take over the world of finance. 

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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