Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 11460
Markets: 87462
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
11460
Cryptocurrencies
58.72%
Bitcoin Share
NewsBTC 2024-11-29 06:30:57

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

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

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. 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. Amid these mixed signals, some analysts see potential for a “Thanksgiving rally.” Crypto analyst Ali Martinez identified 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. Martinez’s optimistic forecast suggests 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: 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. 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. Featured image from DALL-E, chart from TradingView.com

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
58.72%
Bitcoin Share
132
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.