Crypto Analyst Ali Martinez Says 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.

A prominent crypto analyst says he believes that Bitcoin (BTC) could be poised for a Thanksgiving breakout.

In a new thread on social media platform X, crypto strategist Ali Martinez tells his 91,000 followers that Bitcoin may rally by close to 4% during the holiday.

According to him, Bitcoiners will be convincing family members at holiday gatherings to buy the flagship digital asset, pushing its price up. The trader also notes 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, 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 identify a crucial 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 that Bitcoin may be setting up for a short squeeze. A short squeeze occurs when traders who borrow an asset at a particular price, aiming to sell 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 notes that Bitcoin may be a long way from its cycle peak based on the MVRV (market value to realized value) Z-score, which attempts to gauge whether BTC is “undervalued” or “overvalued” by comparing its market value to its realized value. An asset with a low MVRV Z-score is considered 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 at $95,228 at the time of writing.

Generated A warm Thanksgiving dinner table conversation can lead to anything from heated debates on politics to heartfelt moments of gratitude. But for crypto enthusiasts, the holiday provides an excellent opportunity to spread awareness about Bitcoin among their loved ones.

As the flagship digital asset continues to hover around the $95,000 level, several crypto analysts are presenting their bullish and bearish cases for BTC, aiming to help traders navigate the market throughout the festive period.

Thanksgiving Bitcoin price outlook: Rally to $99K or drop to $88K?

In a new crypto analysis thread,鏈接 crypto strategist Ali Martinez shares his bullish and bearish scenarios for Bitcoin, aiming to provide traders with key levels to watch on both sides of the fence.

According to Martinez, Bitcoin is displaying a bullish signal on the daily timeframe, which could lead to a rally towards the $98,000-$99,000 zone. However, if BTC fails to hold a crucial support level, it might trigger a sell-off towards the $88,000-$89,000 area.

“Bitcoin is showing strength on the daily. I think we’ll see a rebound to $98,000-$99,000 before another leg down. If we lose $93,000, then I think we'll see a sell-off to $88,000-$89,000 before another rally.”

Bitcoin price stalls at $95K, now or never for a short squeeze

CryptoSlate recently reported that Bitcoin is setting up for a “now or never” short squeeze, as over $772 million in short positions are at risk if BTC price rallies to the $98,000 level.

On the other hand, if Bitcoin continues to trade within the $93,000-$94,000 range, a large number of short traders may be able to close out their positions without triggering a massive squeeze.

“$409 million in long positions were liquidated in the past 24 hours, but if Bitcoin doesn’t rally to $98,000 soon, a majority of these traders will be able to close out their positions without a massive squeeze.

But if BTC does rally to $98,000, $772 million in short positions will be liquidated, continuing this rally to $10