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Bitcoin (BTC) appears to be recovering from its recent pullback after reaching a new all-time high (ATH) of $99,645 on November 22. Although liquidations exceeded $500 million during the recession, the event did not trigger the cascading sell-offs seen in previous market cycles.
Bitcoin Open Interest Reset: Is $100,000 Next?
The flagship cryptocurrency looks set to make another attempt at the $100,000 milestone. According According to crypto analyst Byzantine General, the recent price of BTC obstacle resetting open interest to levels last seen when the asset first touched $90,000.
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Crucially, Bitcoin held support around $90,875, indicating the possible establishment of a new consolidation phase before the next bullish move. The Byzantine general stated that BTC is poised to “eliminate local highs and potentially attempt to breach 100k,” noting:
Much of the passive supply was already removed in the previous attempt, so there is a good chance we will see 100,000 soon.
The Byzantine general’s thoughts were echoed by prominent cryptocurrency trader Jelle, who said that $100,000 per BTC was “in the offing.” the merchant shared In the chart below, BTC appears to be breaking out of a descending trend line. At the same time, it is also forming an inverse head and shoulders pattern, typically a bullish indicator.
Another crypto analyst, Daan Crypto Trades agreed that Bitcoin is within striking distance of the $100,000 mark. as before reportedSome analysts believe that BTC is mirroring its price action from 2023 onwards, which could see the asset’s price reach $200,000 by early 2025.
Essential Healthy Fixes to Boost Long-Term Growth
Bitcoin was trading just above $69,000 on November 6 before surpassing its previous ATH and reaching its current price of $97,150, a staggering 40.8% gain in less than a month. However, such a rapid rally could indicate overextension.
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A slight correction to the low $90,000 level might have been what was needed for BTC to see more sustained price momentum going forward. Additionally, it gives time to retail investors (who have been missing of the current market rally, to enter the market and potentially increase pressure on the demand side.
The recent decline in prices also cooled reducing the Bitcoin Fear & Greed Index from extreme greed to more moderate levels, setting the stage for a more organic and sustainable rally across the cryptocurrency market.
Speaking of long-term forecasts, Pantera Capital founder and managing partner Dan Morehead recently provided an ambitious price target of $740,000 BTC by 2028. At the time of this publication, BTC is trading at $97,150, up 1.4% in the last 24 hours.
Featured image from Unsplash, X charts and Tradingview.com
