Bitcoin Gets a Thanksgiving Spike. Would You Buy In?

 

Bitcoin's price surged past $97,000 in the early hours of Thanksgiving (Nov 28, 4:15 AM, SGT), making another attempt to reach the long-awaited $100,000 mark.

 

 

Last week, Bitcoin briefly climbed over $99,000, only to fall to a low of $90,817.2 on this Wednesday (Nov 27, 4:35 AM, SGT). But as Thanksgiving approached, the price rebounded, now hovering around $96,000.

 

With U.S. markets closed for the holiday and crypto trading never stopping, liquidity in the crypto market saw a big boost. According to crypto data firm CoinGlass, U.S. spot Bitcoin ETFs experienced outflows of $123 million on Tuesday and $435 million on Monday. However, Wednesday saw a net inflow of $103 million, indicating a renewed demand.

 

Despite this, XS platform analyst Rania Gule pointed out that institutional demand has clearly declined, and long-term holders cashing out could signal more volatility ahead. She also suggested that Bitcoin’s rise above $100,000 "cannot continue without experiencing some form of pullback," which could be healthy for stabilizing the market in the medium to long term.

 

Other cryptocurrencies saw gains too. XRP (XRP) rose 9.09%, Cardano (ADA) climbed 5.47%, and Stellar (XLM) was up 5.68%.

 

 

So, would you buy in now, or wait for a possible dip?When do you think Bitcoin will hit the $100k mark? #crypto