Crypto analyst Ali Martinez predicts that Bitcoin (BTC) 
$98,240 could experience a significant price increase during the upcoming Thanksgiving holiday. In a post on the social media platform X to his 91,000 followers, he expressed his expectation for BTC to rise by approximately 4% during the holiday period.
Impact of Investors
Martinez suggested that Bitcoin holders might encourage their families to invest in this digital asset during holiday gatherings, which could positively influence the price. He also pointed out that BTC is showing bullish signals on its daily chart.
“Tonight, coin holders will inform their families about Bitcoin, leading to a sort of Thanksgiving rally. Therefore, I believe BTC will rebound to $99,000, and technicals back this up. I could be wrong, so I’m leaving a tight stop-loss.” – Ali Martinez
Moreover, the analyst identified a critical support level for Bitcoin using the In/Out of the Money Around Price (IOMAP) metric, which categorizes crypto addresses into profitable, break-even, or loss positions.
“The significant demand zone for Bitcoin to watch is at $93,580, where 667,000 addresses purchased approximately 504,000 BTC. Staying above this support level is crucial to prevent these holders from selling.” – Ali Martinez
Short Positions and Liquidation Risk
Martinez also discussed Bitcoin’s potential for a short squeeze, where market momentum shifts against short positions, triggering a price increase.
“In the last 24 hours, $409 million worth of long positions were liquidated. If Bitcoin jumps to $98,000, there’s a risk of $772 million in short positions being liquidated!” – Ali Martinez
He noted that Bitcoin is still far from its market peak, with the MVRV (market value to realized value) Z-score indicating that BTC remains undervalued. A low MVRV Z-score suggests that an asset is trading below its value, while a high score indicates overvaluation.
With Bitcoin currently trading at $95,228, it is emphasized that maintaining technical support levels and considering the risks of short position liquidations is crucial for investors. The volatility Bitcoin might experience during Thanksgiving could significantly shape investor behavior.
