Holiday Hype: Bitcoin Set For Thanksgiving Rebound To $99,000, Analyst Says

Bitcoin approaches $100,000, fueled by profit-taking and broader market dynamics. Analysts remain skeptical of sustaining momentum towards the milestone. Profit distribution into the rally increases supply, potentially hindering further gains. The psychological barrier of $100,000 poses a challenge for Bitcoin's price. Some investors may be drawn to Bitcoin purely for capital gains rather than its intrinsic value. Spot Bitcoin exchange-traded fund (ETF) options add complexity to market dynamics and potential volatility. Galaxy Digital CEO warns of a potential market correction due to high leverage in the crypto community. A "Thanksgiving rally" is anticipated by some analysts, fueled by family conversations about Bitcoin. A key demand zone at $93,580 could support a rebound to $99,000. Bitcoin is trading at $96,780, up 10% in the past 14 days.