Friday The 13th: How Superstition Could Impact Bitcoin Trend Changes
Today is Friday the 13th and only the second occurrence of the eerie date in what has been a cataclysmic year. As the clock turned to the new day, Bitcoin price action retreated slightly for the first time in weeks.
Do the two things have anything to do with one another? We’ve analyzed past instances of the superstitious date to see if there has been any impact on the cryptocurrency, and there is some surprising correlation. Check out how Friday the 13th could affect Bitcoin today and for the rest of the calendar year.
A Brief History About Friday The 13th And How It Could Impact Crypto Markets
With Halloween less than two weeks ago, “Friday the 13th” might bring up memories of the 1980s slasher film about the hockey mask-wearing Jason Voorhees. But the superstitions related to the date potentially dates back to the middle ages.
One origin story references Norse mythology and a scenario where 12 gods got together in Valhalla when an uninvited 13th guest showed up – the Norse god Loki – and caused mischief.
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Other potential sources of origin include references to Jesus and Christianity, the Knights Templar, and even a 1907 novel entitled “Friday, the Thirteenth,” in which a stock market broker used the superstition to cause panic on Wall Street.
With a novel written on how the date could impact markets, could there actually be more to the superstition, as Bitcoin takes a pause for the first time in nearly two months of powerful upside? Interestingly, the daily candle thus far has formed a doji, which signals “indecision” in the market. Could investors be spooked or feeling uncertain, with the superstitious day rolling around? Or is the number 13 really that unlucky?
A red doji candle forming at the top of a rally on Friday the 13th seems suspicious | Source: BTCUSD on TradingView.com
Could A Bitcoin Trend Change Begin With The Unlucky Day?
People often find strong symbolism in numbers. 13 is considered especially unlucky, but lucky for others. Many buildings are erected without a 13th floor. The next time you step into an elevator, check for yourself.
Triskaidekaphobia is the scientific name for the fear and avoidance of the number 13. That’s how significant this number can be for some. The name for the fear of the Friday the 13th date itself is called paraskevidekatriaphobia.
With real, diagnosed fears of the number 13, and substantial superstition in media be enough to potentially influence the masses? It’s possible, and the Bitcoin price chart reflects this theory also.
Past Friday the 13th were at major pivot points, including the day after Black Thursday | Source: BTCUSD on TradingView.com
Three out of the last four Friday the 13th dates have been added to the chart above, with the prior two acting as a pivot point for a trend change. The most recent Friday the 13th was the day after Black Thursday, and the day Bitcoin began its recovery to $16,000.
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With another Friday the 13th today, happening at the top of a rally that first began at the last Friday the 13th, could this be a possible short-term reversal in Bitcoin? In 2021, there is only one Friday the 13th, and that’s in August. Mark your calendars, and keep watch to see if there was any change in the trend stemming from today, and use the unlucky superstition to your advantage in the future if you can.
Featured image from Deposit Photos, Charts from TradingView.com
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Tony Spilotro, @Khareem Sudlow