A closely followed crypto analyst says he believes Bitcoin (BTC) may be on the verge of a Thanksgiving breakout.
In a new thread on the social media platform X, crypto strategist Ali Martinez tells his 91,000 followers that Bitcoin may surge by nearly 4% during the holiday.
He believes that Bitcoin holders will convince family members at holiday gatherings to buy the flagship digital asset, sending its price higher. The trader also says that Bitcoin may be flashing a bullish signal on its daily chart.
“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.”
Next up, the trader uses the In/Out of the Money Around Price (IOMAP) metric – which classifies crypto addresses as either profiting, breaking even, or losing money – to determine a key support level for Bitcoin.
“One key demand zone for Bitcoin to watch is $93,580, where 667,000 addresses bought nearly 504,000 BTC. Staying above this support level is a must to prevent these holders from selling!”
Earlier this week, the trader suggested Bitcoin may be set up for a short squeeze. A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies.
“Over $409 million in long positions have been liquidated in the past 24 hours [on November 25th]. Now, $772 million in short positions risk liquidation if Bitcoin rebounds to $98,000!”
The trader also says that Bitcoin may be far from its cycle peak based on the MVRV (market value to realized value) Z-score, which aims to measure whether BTC is “undervalued” or “overvalued” by comparing its market value to its realized value. An asset tagged with a low MVRV Z-score is seen as undervalued while those with a high MVRV Z-score are viewed as overvalued.
“Bitcoin is far, far, far away from a market top!”
Bitcoin is trading for $95,228 at time of writing.
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