Bitcoin Analyst Predicts Thanksgiving Rally for BTC
A well-known crypto analyst has shared his belief that Bitcoin (BTC) may experience a significant surge just in time for Thanksgiving. With a dedicated following of 91,000 users on social media platform X, crypto strategist Ali Martinez has predicted a potential 4% increase in Bitcoin’s price during the holiday period.
Martinez suggests that Bitcoin holders will use family gatherings as an opportunity to persuade their loved ones to invest in the leading digital asset, which could drive up its value. Additionally, the analyst points to a bullish signal on Bitcoin’s daily chart as further evidence of a potential price increase.
In a recent tweet, Martinez stated, “Tonight, coiners are going to tell their families about Bitcoin, 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. I could be wrong, which is why I’m leaving a tight stop-loss.”
Using the In/Out of the Money Around Price (IOMAP) metric, Martinez identified a crucial support level for Bitcoin at $93,580. This level is significant as it represents the point where 667,000 addresses purchased nearly 504,000 BTC. Maintaining support above this level is crucial to prevent these holders from selling their assets.
Earlier this week, Martinez suggested that Bitcoin could be primed for a short squeeze, where traders who had borrowed assets at a lower price are forced to buy them back at a higher price due to market momentum moving against them. This scenario could potentially lead to further rallies in Bitcoin’s price.
Furthermore, Martinez analyzed the Market Value to Realized Value (MVRV) Z-score to determine that Bitcoin may still have room to grow before reaching its cycle peak. A low MVRV Z-score indicates that an asset is undervalued, while a high score suggests overvaluation.
As of the time of writing, Bitcoin is trading at $95,228. Martinez’s insights and technical analysis provide valuable perspectives for investors looking to navigate the volatile cryptocurrency market.
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Source: Midjourney