This forecast aligns with the Thanksgiving holiday season, which has historically been a foundation for record-breaking price surges of Bitcoin.
The digital asset has formed a contracting wedge pattern—a technical figure characterized by converging trend lines that suggest a potential breakout. According to an analysis by Ali Martinez, this pattern indicates a target price of $99,000.
Bitcoin's bounce off key Fibonacci retracement levels around $94,000 further supports this optimism. These levels often serve as significant zones of support or resistance, reflecting a resurgence in buying interest and the likelihood of a trend continuation.
As we approach the current Thanksgiving, a bullish breakout for Bitcoin that began after the elections could enable it to reach the $100,000 mark. However, at some point, this movement became invalidated as the cryptocurrency faced the threat of falling below $90,000.
Meanwhile, in another forecast from the e-learning provider Cryptowizard, it was noted that investors should anticipate a potential rally following Bitcoin's recent decline.
The platform highlighted that the Thanksgiving week once again triggered a familiar drop in Bitcoin: in 2024, prices fell by 8%—less significant than the 17% drop in 2020 that preceded a massive 280% rally.