With U.S. markets closed for Thanksgiving, the market’s largest cryptocurrency, Bitcoin (BTC), reclaimed the $96,000 mark, inching closer to its all-time high of $99,500 and the coveted $100,000 milestone.
Analysts skeptical Bitcoin can sustain rally to $100,000
Reasons for the recent Bitcoin price volatility include profit-taking by long-term holders and broader market dynamics. Andre Dragosch, head of European research at Bitwise, pointed out that a large amount of Bitcoin was allocated to the recent rally, leading to an increase in supply.
Despite Bitcoin’s recent gains, some strategists remain cautious about Bitcoin’s ability to break through the $100,000 mark. David Morrison, senior market analyst at Trade Nation, said that psychological threshold appears to have become a huge obstacle to further price gains.
George Milling-Stanley, chief gold strategist at State Street Global Advisors, stressed that sentiment among some market participants suggests Bitcoin’s recent surge could be creating a “false sense of security.”
Milling-Stanley stressed that many investors are attracted to Bitcoin "purely for capital gains, rather than to capture any intrinsic value or utility offered by the market-leading cryptocurrency."
Galaxy Digital CEO Warns Bitcoin Could be Headed for a Pullback
The recent launch of spot bitcoin exchange-traded fund (ETF) options adds another layer to the market dynamics. These options allow investors to speculate on bitcoin’s price movements with less capital than buying them outright.
Galaxy Digital CEO Mike Novogratz noted that increased leverage could amplify potential gains and losses, and he expects a market correction given the high leverage in the crypto community.
Amid these mixed signals, some analysts believe a “Thanksgiving rally” could be on the horizon. Crypto analyst Ali Martinez identified a key demand area at $93,580, where approximately 667,000 addresses purchased a total of nearly 504,000 Bitcoins. Holding this support level will be critical to preventing a massive sell-off by these holders.
Martinez’s optimistic prediction suggests that the holiday spirit could spark discussions about Bitcoin among family members, potentially sparking new interest and investment. The analyst further stated earlier Thursday:
Tonight, Bitcoin enthusiasts will be telling their families about Bitcoin BTC, sparking some sort of Thanksgiving rally. Here’s why I think a rally to $99,000 is inevitable and the technicals support it.
At the time of writing, the largest cryptocurrency on the market is trading at $96,780, up 10% in fourteen days, but the gains in the previous two weeks are significantly lower since the recent correction to $91,000 levels on Tuesday.
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