Cryptocurrency analyst Ali Martinez has made a bold prediction for Bitcoin’s price, suggesting it could surge to $99,000 following Thanksgiving celebrations. Martinez believes that family gatherings and dinner table conversations about the leading cryptocurrency could trigger a buying frenzy, driving the price significantly higher.
In his latest analysis, Martinez pointed to technical data supporting this unusual prediction, though he remained cautious, admitting the possibility of being wrong and emphasizing the use of stop-loss orders to mitigate potential losses.
“Thanksgiving conversations could spark a Bitcoin rally,” Martinez stated, suggesting that increased awareness and positive sentiment shared amongst families could translate into market action.
While acknowledging the speculative nature of his forecast, Martinez highlighted the $93,580 level as a crucial support zone. He noted that a significant volume of Bitcoin, approximately 667,000 BTC, was purchased at this price point. Maintaining a price above this level, according to Martinez, is critical to prevent large holders, often referred to as “whales,” from selling their holdings, which could exert downward pressure on the price.
Martinez also shared his outlook for Ethereum (ETH), setting a medium-term price target of $6,000 and a long-term target of $10,000. He believes Ethereum has strong growth potential, though he didn’t elaborate on the specific factors driving his bullish outlook for the second-largest cryptocurrency.
At the time of this report, Bitcoin was trading at $95,189, leaving considerable ground to cover before reaching Martinez’s ambitious Thanksgiving-fueled target.
