- Bitcoin is expected to print massive gains as Thanksgiving approaches.
- The digital asset has surged a massive 159.57% since November 2023.
- With an ATH of $99,655, Bitcoin is expected to end the year above $100,000.
Bitcoin (BTC) may see significant gains soon as major economic events occur this Thanksgiving week. The digital asset is close to the $100,000 price level, and investors can expect increased volatility as crucial data enters the market, which will impact BTC.
Several “heavyweight events” are scheduled for Wednesday, a day before Thanksgiving, November 28th, while the United States stock market will be closed for Thursday and Friday. Because crypto correlation is quite high, Bitcoin might become bullish in the upcoming days, surpassing its all-time high of $99,655.50, which it reached two days ago, and reaching the $100,000 price level.
The major events scheduled for Wednesday include the release of minutes of the November monetary policy meeting, which will provide the official record of discussions and decisions made during a central bank’s monetary policy meeting. Additionally, the New Zealand central bank will announce its decision on interest rates, which may also affect Bitcoin.
US authorities will also release Initial Jobless Claims for the Week and the core PCE price index annual rate for October. The price index tracks the year-over-year change in the prices of goods and services in the United States, excluding volatile items like food and energy.
Bitcoin’s Path to $100K
The current market cycle for cryptocurrencies has centered on meme coins like Bonk (BONK), Pepe (PEPE), Dogecoin (DOGE), and Peanut the Squirrel (PNUT). However, with Ethereum (ETH) gaining 37.11% in the past 30 days, money is once again flowing into major altcoins like Stellar (XLM) and XRP.
Read also: Realized Cap Suggests Bitcoin Will Reach $141,000 Soon – Analyst
As per CoinMarketCap data, Bitcoin gained 7.30% in the past week, 46.53% in the past month, and 159.57% since November 2023, and was trading at $98,134.12 at the time of writing. With a market cap of $1.94 trillion, BTC seems likely to reach the $100,000 price level by the end of the year.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
