{"id":12182,"date":"2024-11-29T06:30:57","date_gmt":"2024-11-29T06:30:57","guid":{"rendered":"https:\/\/cryptd.in\/holiday-hype-bitcoin-set-for-thanksgiving-rebound-to-99000-analyst-says\/"},"modified":"2024-11-29T06:30:57","modified_gmt":"2024-11-29T06:30:57","slug":"holiday-hype-bitcoin-set-for-thanksgiving-rebound-to-99000-analyst-says","status":"publish","type":"post","link":"https:\/\/cryptd.in\/et\/holiday-hype-bitcoin-set-for-thanksgiving-rebound-to-99000-analyst-says\/","title":{"rendered":"Holiday Hype: Bitcoin Set For Thanksgiving Rebound To $99,000, Analyst Says"},"content":{"rendered":"

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.\u00a0<\/p>\n

Analysts Skeptical Of Sustaining Momentum Toward $100,000<\/h2>\n

Recent fluctuations in Bitcoin\u2019s price have been attributed to a combination of profit-taking by long-term holders and broader market dynamics. As noted <\/a>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.\u00a0<\/p>\n

Despite the recent rally, some strategists remain cautious about Bitcoin\u2019s ability to break through the $100,000 barrier<\/a>. 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.\u00a0<\/p>\n

The sentiment among some market participants suggests that Bitcoin\u2019s recent surge may create a \u201cfalse sense of security,\u201d as highlighted by George Milling-Stanley, chief gold strategist at State Street Global Advisors.\u00a0<\/p>\n

Milling-Stanley emphasized that many investors are drawn to Bitcoin \u201cpurely for capital gains rather than any intrinsic value or utility\u201d offered by the market\u2019s leading cryptocurrency<\/a>.<\/p>\n

Galaxy Digital CEO Warns Of Potential Bitcoin Correction<\/h2>\n

The recent launch of options on spot Bitcoin b\u00f6rsil kaubeldavad fondid<\/a> (ETFs) has added another layer to the market\u2019s dynamics. These options enable investors to speculate on Bitcoin\u2019s price movements with less capital compared to outright purchases.\u00a0<\/p>\n

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.<\/p>\n

Amid these mixed signals, some analysts see potential for a \u201cThanksgiving rally.\u201d Crypto analyst Ali Martinez identified <\/a>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.\u00a0<\/p>\n

Martinez\u2019s optimistic forecast soovitab <\/a>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:<\/p>\n

\n

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.<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

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.<\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

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.\u00a0 Analysts Skeptical Of Sustaining Momentum Toward $100,000 Recent fluctuations in Bitcoin\u2019s price have been attributed to a combination of profit-taking by long-term holders […]<\/p>\n","protected":false},"author":0,"featured_media":12183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nHoliday Hype: Bitcoin Set For Thanksgiving Rebound To $99,000, Analyst Says - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/et\/holiday-hype-bitcoin-set-for-thanksgiving-rebound-to-99000-analyst-says\/\" \/>\n<meta property=\"og:locale\" content=\"et_EE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Holiday Hype: Bitcoin Set For Thanksgiving Rebound To $99,000, Analyst Says - 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