Bitcoin rose above $96,000 again today, recovering from a brief pullback that interrupted its rise to record highs earlier in the week.
The renewed momentum comes as investors become increasingly optimistic about the largest cryptocurrency’s potential to reach the $100,000 milestone, fueling excitement ahead of the U.S. Thanksgiving holiday.
Alex Thorn, head of firmwide research at Galaxy Digital, expressed confidence in the ongoing bull market. In a report published today, he noted that while corrections are a natural part of every rally, the broader outlook for Bitcoin remains robust.
“There will be adjustments and disruptions, which is normal,” Thorn said. “There may even be some seasonal regulatory or law enforcement actions by the outgoing Biden administration that make markets nervous. But the combination of increasing institutional, corporate and potentially national adoption, a new U.S. administration shaping up to be very pro-Bitcoin, and solid positioning and network data points to higher prices in the near to medium term.”
Bitcoin is not facing any resistance at current levels, with support estimated at around $74,000, Fairlead Strategies founder Katie Stockton told CNBC’s Squawk Box on Monday.
“Bitcoin tends to stair-step both down and up, meaning it sees these very sharp spikes and then consolidates,” Stockton said. He advised investors to be prepared for volatility while considering Bitcoin’s long-term growth potential.
*This is not investment advice.
