Bitcoin falls on Thursday after rebounding this week.
The 2020 ‘Thanksgiving Massacre,’ when Bitcoin fell over 17% in a few hours, has investors wary.
BTC isn't overpriced, hence the bull market may continue to $146K.
Bitcoin (BTC) drops below $95,000 on Thursday. Investors fear a repetition of the 2020 “Thanksgiving Massacre,” a 17% collapse, after rebounding from a fall this week. However, studies claim the bull market is still alive, with a goal of $146K and BTC not overpriced.
Bitcoin's comeback to close over $95,500 revives hopes of breaking $100,000 on Wednesday following a price drop this week. BTC falls to $94,850 on Thursday. Investors are wary, remembering the 2020 ‘Thanksgiving Massacre’ when Bitcoin fell almost 17% in hours, underscoring the precarious mix of seasonal happiness and market volatility.
Bitcoin may reach $146K as reports say it hasn't overvalued. CryptoQuant's weekly research says BTC is not overpriced and will surge to $146K.
The research also said that Bitcoin's realized price objective is $146,000 (red line). This price range has topped Bitcoin's price before, like April–May 2021.
MicroStrategy's stock price overheating compared to its Bitcoin holdings suggests a short-term Bitcoin price correction. As Bitcoin approached $100k, MicroStrategy's shares rose 113% since November 3. Considering the holdings' worth, the stock price has increased to the top of its price ranges.
Finally, Wednesday institutional demand returned marginally. US spot Bitcoin ETFs had a $103.00 million influx on Wednesday, breaking two days of outflow this week, according to Coinglass ETF data. Bitcoin may rebound if this influx pattern continues or increases.
After this week's fall, bitcoin price rebounded on Wednesday. It falls about $94,850 on Thursday.
BTC may retest its psychological threshold of $90,000 if it fails to rebound. Successfully closing below this level would prolong the drop below $85,000, its next support level.
