According to a Famous Analyst, Thanksgiving Holiday in the US Will Be an Opportunity for Bitcoin Rise! - Koin Bülteni

robot
Abstract generation in progress

Analyst Ali Martinez predicts that Bitcoin could rise to $99,000 during the holiday season and maintaining critical support levels will be crucial in this scenario.

Ali Martinez, one of the analysts closely followed by the crypto currency world, predicted that Bitcoin (BTC) could rise on Thanksgiving Day.

In a statement to his followers on social media platform X, Martinez said that Bitcoin could experience an increase of approximately 4% during the holiday period.

An analyst stated that during the holiday season, they will encourage Bitcoin investors to make purchases by introducing family members to leading crypto assets, and this will have a positive impact on the price.

Martinez, who also says that technical indicators support this scenario, pointed out that Bitcoin gives bullish signals on its daily chart:

Tonight, Bitcoin investors will explain this asset to their families and start a kind of Thanksgiving rally. Therefore, I think BTC will recover towards $99,000. However, I also have a margin of error, so I am applying a tight stop-loss.

Bitcoin, coming for investors opening short positions

Martinez also used the 'In/Out of the Money Around Price' (IOMAP) metric to draw attention to a critical support level for Bitcoin. This metric classifies cryptocurrency addresses as profitable, break-even, or unprofitable. 'An important demand zone to watch for Bitcoin is the $93,580 level'.

At this point, approximately 667,000 addresses have purchased a total of 504,000 BTC. Staying above this support level is critical to prevent these investors from selling.

An analyst recently suggested that Bitcoin could experience a 'short squeeze'. A short squeeze is a rally that occurs when investors planning to buy back an asset at a lower price are forced to close their positions due to prices moving in the opposite direction.

Martinez stated that as of November 25, within 24 hours, $409 million worth of long positions were liquidated, but if Bitcoin were to recover to $98,000, $772 million worth of short positions would be at risk.

BTC-0.51%
ALI-4.34%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)