Exactly four years ago today, Bitcoin faced a sharp decline, falling by 17% in just over a day, a dramatic drop that shocked the crypto market.

In the fall of 2020, Bitcoin was in the midst of an exciting bull run. After starting the year below $7,000 and experiencing a brief dip under $4,000 during the March COVID-19 panic, Bitcoin had surged, nearing the $20,000 mark. However, as Thanksgiving approached, market sentiment shifted, and a wave of selling hit. Between Wednesday morning and Thursday afternoon, just ahead of the Thanksgiving football games, Bitcoin plummeted from around $19,500 to $16,200—an almost 17% drop—soon dubbed the “Thanksgiving Day Massacre.”

Now, four years later, Bitcoin is again experiencing a significant pullback, but this time, it follows the failure to break the $100,000 level. While the situation mirrors 2020 in some ways, there are key differences. For one, this year’s target of $100,000 is five times the $20,000 milestone Bitcoin was aiming for back in 2020. This year’s decline has been more gradual, with a drop of around 8%, bringing Bitcoin down to $91,500 after briefly approaching $100,000.

Looking back at 2020, the bulls found reason for optimism. Within just days of the Thanksgiving plunge, Bitcoin had bounced back to just under $20,000. By mid-December, it broke $24,000, and by the end of the year, it surpassed $30,000, setting the stage for a record-breaking bull run that saw Bitcoin hit $65,000 in April 2021. The pattern of rapid recovery could give hope to investors that this latest decline is just another opportunity for Bitcoin to rise again.