Apple’s high margins on the iPhone could allow the company to discount it for a short period of time when the holiday shopping season officially kicks off the day after Thanksgiving, according to analyst Ben Reitzes. Will that actually happen? Probably not, but it’s not entirely out of the question.

It’s an interesting scenario that could prompt a flood not seen since biblical times — of shoppers to Apple’s retail stores. After all, even though much of the world is mired in economic troubles, Apple’s device is undoubtedly at the top of a lot a people’s holiday wish lists. $199 (the base iPhone’s cost in the U.S.) isn’t a completely restrictive price — just look at what video game consoles are going for these days — but, at $149, it’d be a lot more attractive. (Especially given the fact that you have to sign a contract with it.)

At $99, it would sell out in about 3 seconds.

The reason I note that an iPhone sale isn’t completely out of the question is that it appears Orange will be cutting the price of the device in France in time for the holidays. An advertisement recently popped up on the Internet, showing a 99 euro price tag for the device, a 50 euro savings (and the equivalent of just $126).

Apple also has a history of doing 24-hour sales on Black Friday both on its website and in stores. Usually these sales are around $100 off laptops and desktops, and lesser savings on devices like iPods.

I say above that a discounted iPhone would cause a flood to Apple’s retail stores and not its online stores, because the company still doesn’t technically sell the device through its website.