Bitcoin Price Could Reach $100,000 by Thanksgiving if Key Support Holds

Bitcoin's price consolidated after reaching new all-time highs, but analysts caution that losing crucial support levels could hinder its upward momentum. On November 15, BTC briefly dipped below $87,000 before finding support. The recent US inflation data, including the October Producer Price Index (PPI), showed a rise in inflationary pressures, leading to concerns about the Federal Reserve's interest rate policy.

Traders closely monitored the $87,000 support area, with some suggesting that a retest of support at $86,000 could provide insights into the sustainability of the rally towards $100,000. Meanwhile, others argued that a pullback to the mid-$80,000 range could be beneficial for Bitcoin's long-term strength.

To reach $100,000 by Thanksgiving on November 28, Bitcoin would need to maintain a rising short-term trend line. Failure to hold this support could lead to a drop towards the $75,000 - $76,000 range. Show Less

https://cointelegraph.com/news/bitcoin-price-100k-by-thanksgiving-bulls-hold-key-level
 2

Disclaimer: The content presented on this website, including any analyses, reviews, and ratings, is provided for informational purposes only and should not be considered financial advice. crowd.news does not endorse or recommend any financial transactions or investments based on the information available on this platform. Visitors to this site should perform their own due diligence and consult with a professional financial advisor before making any investment decisions. crowd.news is not liable for any actions taken, financial or otherwise, based on information or links from this website.