Experts Expect Bitcoin To Reach $100,000 After Thanksgiving Rally

Bitcoin (BTC), the market's leading crypto, has regained its strength as it heads toward $100,000 after a brief correction to $91,000 on Tuesday, a 7% drop from its all-time high of $99,500.

Bitcoin rose about 5% in 24 hours, rebounding $96,100 to achieve a new record high in the concluding days of the month.

Experts and analysts projected strong price activity throughout the year as a usual upward tendency during Halving cycles, reinforced by Trump's crypto program, which includes declaring BTC a US strategic reserve.

Bitcoin diverged from the tech-heavy Nasdaq Composite, which lost 1%, this week. Bitcoin rose as the Dow Jones Industrial Average and S&P 500 fell, according to CNBC.

US-based crypto exchange Coinbase (COIN) rose more than 5%, Robinhood (HOOD) rose 4%, and MicroStrategy (MSTR) rose 10%.

Bitcoin Enters ‘Uncharted Territory’
Market experts like Alex Thorn, director of research at Galaxy Digital, believe “the Bitcoin bull market has legs.” Crypto prices have been rising for three weeks.

Thorn accepts the prospect of corrections and “regulatory jitters” from the exiting Biden administration but thinks institutional, corporate, and possibly nation-state adoption will push Bitcoin's price higher in the short to medium term.

Katie Stockton of Fairlead Strategies said that Bitcoin investors are in “uncharted territory” regarding resistance levels, with few historical price points to predict pullbacks. Support is $74,000, indicating increase potential. Further, Stockton said:

Bitcoin stair steps to the downside and upward, with dramatic runups followed by consolidation. People should be open to Bitcoin and other cryptocurrencies due to their volatility and long-term potential.

Bitcoin is on target to reach $100,000 by year-end with a 124% year-to-date gain. While Ethereum (ETH), the second biggest cryptocurrency, has gained strongly since the election, it trails BTC with a 55% year-to-date gain.


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