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

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.

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. $BTC #ThanksgivingBTCMoves