Will Bitcoin Hit $100,000 by Thanksgiving?

Bitcoin, the world's largest cryptocurrency, has been on an upward trend over the past few weeks. Donald Trump's victory has spilled over into the cryptocurrency market and brought huge profits to investors.

The BTC-led rally has pushed several assets to notable heights. Bitcoin itself has continued to record new highs. But the real question is whether BTC can continue this hot streak and reach the coveted $100,000 mark.

Revisiting Bitcoin's All-Time High
2024 is definitely one of the best years for Bitcoin. The king coin has recorded many peaks this year. About six days ago, the asset surged to a high of $93,434.36, marking its latest peak. After a slight correction, BTC is trading 1.67% lower than its level.

At press time, Bitcoin was trading at $91,889.98. The past 24 hours have been quite volatile for the cryptocurrency as it briefly dipped below the $90,000 region. The asset’s daily trading volume remains high at $73.73 billion after a 53% increase.

Optimistic Thanksgiving for Bitcoin?
Bitcoin has seen a surge during most Thanksgivings in the past, according to previous data. Bulls seem to be ready to celebrate this year. According to CoinCodex, Bitcoin will indeed hit the long-awaited $100,000 mark. The firm notes that on November 28, Bitcoin will increase by 9.72% from its current level. Bitcoin is expected to peak at $100,707.

Additionally, as the image above shows, BTC will reach this peak long before Thanksgiving. In fact, the asset is expected to spike to $101,809 the day before.

The rally is expected to be fueled by the potential resignation of Gary Gensler around Thanksgiving. Some  reports suggest  that Gensler, the current chairman of the Securities and Exchange Commission (SEC), will step down later this month.