Analyst Ali Martinez anticipates a notable uptick in Bitcoin‘s price as the Thanksgiving holiday approaches. Sharing his forecast with over 91,000 followers on X, he estimates a potential rise of about 4% during the festive period.
How Will Family Gatherings Affect Bitcoin?
Martinez theorizes that gatherings might inspire Bitcoin holders to introduce the cryptocurrency to their relatives, potentially boosting demand and price. He also highlighted bullish indicators on Bitcoin’s daily chart.
“Coin holders will likely share their insights on Bitcoin tonight, which could spark a Thanksgiving rally. I foresee BTC climbing to $99,000, and technical indicators support this outlook. However, I’ll set a tight stop-loss as a precaution.” – Ali Martinez
Are Short Positions at Risk of Liquidation?
The engagement of short sellers might lead to a short squeeze, propelling Bitcoin’s price upward. Martinez noted a significant liquidation of long positions, suggesting a pending risk for short positions should Bitcoin reach $98,000.
“In recent hours, $409 million in long positions were liquidated. A rise to $98,000 could trigger the liquidation of $772 million in short positions!” – Ali Martinez
Key takeaways from Martinez’s analysis include:
- The importance of the support level at $93,580, which protects holders from selling.
- The possibility of a Thanksgiving rally spurred by family discussions surrounding Bitcoin.
- Current trading price at $95,228 suggests Bitcoin remains undervalued.
The upcoming holiday may lead to increased volatility in Bitcoin trading, significantly influencing investor responses and market dynamics.