Bitcoin surges above $95,000, with investors aiming for $100,000 mark before Thanksgiving.

On Wednesday, the stock price climbed back above $95,000, slightly recovering from a pullback this week that had pushed it below record levels.

The flagship cryptocurrency's price was last higher by 5% at $95,886.00, according to Coin Metrics, while Bitcoin jumped more than 7% to $3,555.82. The broader crypto market, as measured by the CoinDesk 20 index, also gained 5%.

While Bitcoin is commonly seen as a digital equivalent of gold and a store of value, it tends to move in sync with the stock market. However, on Wednesday, Bitcoin diverged from the Nasdaq Composite, which fell by 1%, while the Dow Jones Industrial Average and S&P 500 also dropped.

Bitcoin lifted other crypto stocks, including which offers crypto trading and is seen as a beneficiary of a more crypto-friendly environment in the incoming Trump administration, and which trades as a proxy for bitcoin, advanced 7%.

Since the Nov. 5 election, Bitcoin has consistently set new records, increasing by approximately 38% in the process. On Friday, it reached a high of $99,849.99 before testing the $90,000 support level this week.

"According to Alex Thorn, head of firmwide research at Galaxy Digital, the bitcoin bull market is sustainable, despite potential regulatory or law enforcement actions from the outgoing Biden administration. However, increasing institutional, corporate, and nation-state adoption, a pro-bitcoin U.S. administration, and solid positioning and network data indicate a positive outlook for the near and medium term."

Katie Stockton of Fairlead Strategies stated on CNBC's "Squawk Box" on Monday that bitcoin investors are currently in uncharted territory in terms of resistance, as there is no support at current levels. However, support is around $74,000. Bitcoin reached a new high of $92,000 just two weeks ago, on Nov. 13.

"Bitcoin experiences significant fluctuations, both up and down, with sharp run-ups followed by consolidation. Therefore, people should be open to giving bitcoin and other cryptocurrencies more space due to their volatility and long-term potential."

Bitcoin has gained 124% this year and is predicted to hit the $100,000 mark before the end of the year. In contrast, Ether, which has been the standout performer since the election, is currently lagging behind Bitcoin with a 55% increase on a year-to-date basis.