The largest cryptocurrency has been volatile ahead of the holidays, falling back following its march toward the key $100,000 level.

A closely followed crypto analyst says he believes Bitcoin (BTC) may be on the verge of a Thanksgiving breakout.

Bitcoin on Wednesday climbed back above $96,000, recovering slightly from a pullback this week that knocked it from record levels. The price of the flagship cryptocurrency was last higher by nearly 6% at $96,

Bitcoin's price premium on Coinbase rebounded after flipping negative during the recent pullback, suggesting that American traders may be driving the rally.

Reports highlight the bull market is not over, as BTC is not overvalued, and projects a target of $146K.