A closely watched cryptocurrency analyst said he believes Bitcoin (BTC) may be on the verge of a Thanksgiving breakout.
In a new thread on social media platform
He believes Bitcoin holders will convince their families to buy the flagship digital asset at holiday gatherings, causing its price to rise. The trader also notes that Bitcoin may be sending bullish signals on the daily chart.
“Tonight, coin developers are going to talk to their families about Bitcoin and spark some kind of Thanksgiving gathering. This is why I think BTC is bound to rebound to $99,000, and the technicals are I support you. I could be wrong, so I'll keep my stop loss tight.”
Traders then determine Bitcoin's key support levels using the In/Out of the Money Around Price (IOMAP) metric, which classifies crypto addresses as either profit, break-even, or loss. Masu.
“One of the key demand zones for Bitcoin to watch is at $93,580, where 667,000 addresses bought around 504,000 BTC.To prevent a sell-off from these holders, hold above this support level. It is essential.”
Earlier this week, the same trader suggested that Bitcoin could be set for a short squeeze. A short squeeze is when a trader who borrows an asset at a certain price in hopes of selling it for a lower price and pocketing the difference is forced to buy back the borrowed asset against momentum, causing further price increases. It happens sometimes.
“Over $409 million of long positions were liquidated in the last 24 hours.” [on November 25th]. Currently, $772 million of short positions are at risk of being liquidated if Bitcoin recovers to $98,000!”
The trader also said that based on the MVRV (market value to realized value) Z-score, Bitcoin may be far from its cycle peak. Z-score is a value that aims to measure whether BTC is “undervalued” or “overvalued” by comparing its market value and realized value. Assets tagged with a low MVRV Z-score are considered undervalued, while assets with a high MVRV Z-score are considered overvalued.
“Bitcoin is far from the top of the market!”
At the time of writing, Bitcoin is trading at $95,228.
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