A bullish Thanksgiving this year
Every year, the crypto sphere fears the Thanksgiving period, often synonymous with a Bitcoin correction. We reported to you that the conditions for a relapse were not met and that probably nothing would happen, that’s exactly what happened!
Instead of losing ground, the value of BTC rose from $95,000 to $96,700 last night. A change of 1.80% which, however, resulted in a small drop.
Source: BTC price according to CoinMarketCap
As analyst Ali Martinez predicted, a tumble was only possible if the token broke its support around $91,000. No retests took place, confirming that the bullish momentum would not be disrupted during the celebrations.
$91,583 ✅ 🎯
Failing to hold this level could take $BTC to $85,610. pic.twitter.com/sBTceUXSiF
— Ali (@ali_charts) November 26, 2024
Note, however, that it is possible that an anticipated correction took place a few days before Thanksgiving. This would therefore be what caused BTC to fall to $92,000 at the start of the week. If this were the case, with a fall of around 8%, the little orange coin would be far from having suffered the massacre of four years ago.
To infinity and beyond?
Now that Thanksgiving is over, BTC can calmly continue its rise. This is especially true since Bitcoin forecasts for the end of 2024 have rarely been so enthusiastic.
Ali Martinez shows that the token is still in a bull run after bouncing off the $93,000 support in a descending triangle. Enough to promise a breakout towards $99,000 in the days to come.
Tonight, coiners are going to tell their families about #Bitcoin $BTCtriggering 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. pic.twitter.com/jY5gR1Ka2Y
— Ali (@ali_charts) November 28, 2024
Likewise, Rekt Capital notes that Bitcoin’s big correction usually begins between the sixth and eighth week of the rally. Since we are only at the fourth, the road seems clear to reach or even exceed the $100,000 mark. But be careful, we may not escape a relapse of at least 20% afterwards!
Week 4 in Price Discovery is slowly coming to an end
This -8.5% dip isn’t a Price Discovery Correction
Price Discovery Corrections tend to begin between Week 6 & Week 8 and can be -25% to -35% deep
Sometimes even -40%, if 2017 is any indication$BTC #Crypto #Bitcoin pic.twitter.com/3LE0sSeIdy
— Rekt Capital (@rektcapital) November 28, 2024
The moral of the story: orange piece that fears everything, has nothing to fear.
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