Holiday Hype: Bitcoin Set For Thanksgiving Rebound To $99,000, Analyst Says

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,706,705,333,351	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,706,705,333,351

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2,341.08	2.78%	86,413.32	86,404.46	86,404.47

Price Change

Price Change %

Current Price

Bid Price

Offer

2,341.08

2.78%

86,413.32

86,404.46

86,404.47

High Price	Low Price	Open Price	Prev. Close	52 Week Range
86,649.61	83,923.20	84,361.45	84,072.24	49,050.01 - 109,356.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

86,649.61

83,923.20

84,361.45

84,072.24

49,050.01 - 109,356.00

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	10:10:16	0.058283	86,396.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

10:10:16

0.058283

86,396.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
465,131,180.90	5,468.24	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

465,131,180.90

5,468.24

Holiday Hype: Bitcoin Set For Thanksgiving Rebound To $99,000, Analyst Says

29/11/2024 6:30am

NEWSBTC

As US markets closed for Thanksgiving Day, the largest cryptocurrency on the market, Bitcoin (BTC), recovered the $96,000 mark, inching closer to its all-time high of $99,500 and the much-coveted $100,000 milestone. Analysts Skeptical Of Sustaining Momentum Toward $100,000 Recent fluctuations in Bitcoin’s price have been attributed to a combination of profit-taking by long-term holders and broader market dynamics. As noted by Andre Dragosch, head of research for Europe at Bitwise, significant amounts of Bitcoin have been distributed into the recent rally, leading to increased supply. Related Reading: Ethereum Price On The Verge Of Repeating 2017-2021 Cycle Breakout, Target Above $20,000 Despite the recent rally, some strategists remain cautious about Bitcoin’s ability to break through the $100,000 barrier. David Morrison, a senior market analyst at Trade Nation, remarked that this psychological threshold seems to have become a formidable hurdle for further price gains. The sentiment among some market participants suggests that Bitcoin’s recent surge may create a “false sense of security,” as highlighted by George Milling-Stanley, chief gold strategist at State Street Global Advisors. Milling-Stanley emphasized that many investors are drawn to Bitcoin “purely for capital gains rather than any intrinsic value or utility” offered by the market’s leading cryptocurrency. Galaxy Digital CEO Warns Of Potential Bitcoin Correction The recent launch of options on spot Bitcoin exchange-traded funds (ETFs) has added another layer to the market’s dynamics. These options enable investors to speculate on Bitcoin’s price movements with less capital compared to outright purchases. This increased leverage could amplify both potential gains and losses, as noted by Galaxy Digital CEO Mike Novogratz, who anticipates a market correction given the high levels of leverage in the crypto community. Related Reading: Hoskinson’s Bold Bitcoin Forecast: $500K Fueled By DeFi And Global Interest Amid these mixed signals, some analysts see potential for a “Thanksgiving rally.” Crypto analyst Ali Martinez identified a key demand zone at $93,580, where approximately 667,000 addresses collectively bought nearly 504,000 Bitcoin. Maintaining this support level is crucial to prevent mass selling from these holders. Martinez’s optimistic forecast suggests that the spirit of the holiday could inspire conversations about Bitcoin among family members, potentially driving renewed interest and investment. The analyst further stated earlier on Thursday: Tonight, coiners are going to tell their families about Bitcoin BTC, triggering some sort of Thanksgiving rally. This is why I think BTC is bound for a rebound to $99,000, and the technicals support it. At the time of writing, the largest cryptocurrency on the market is trading at $96,780, up 10% in the fourteen-day time frame, yet significantly lower of the gains reported the previous two weeks since the recent correction towards the $91,000 level on Tuesday. Featured image from DALL-E, chart from TradingView.com

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