Bitcoin Analyst Predicts Price Drop Before Thanksgiving Rally

A prominent analyst, CrypNuevo, suggests Bitcoin may rally by Thanksgiving and Black Friday in late November, but warns BTC might first dip to lower prices.

• CrypNuevo sees the US Government reopening potentially injecting liquidity into markets, aiding a Bitcoin price increase alongside other markets. He cites delayed payouts up to $70 billion as a contributing factor.
• The target is a two-month high around $116,000, following the October crash.
• Short-term analysis indicates that Bitcoin could revisit lower levels due to a small CME gap and other technical factors before the anticipated rally.
• This gap aligns with key indicators like the 50-period exponential moving average, predicting a potential drop to around $104,000 before recovery.

CME gaps are often used as indicators, marking price differences between weekend futures trading sessions, which currently suggest possible downside deviation before an upward move.