Bitcoin Resets Open Interest, Targets $100,000 After Holding Key Support Details
Bitcoin (BTC) appears to be rebounding from its recent pullback after reaching a new all-time high (ATH) of $99,645 on November 22. Despite liquidations exceeding $500 million during the downturn, the event did not trigger the cascading sell-offs seen in previous market cycles.
Bitcoin Open Interest Resets: Is $100,000 Next?
The flagship cryptocurrency seems ready to make another attempt at the $100,000 milestone. According to crypto analyst Byzantine General, the recent BTC price pullback reset open interest to levels last observed when the asset first touched $90,000.
Critically, Bitcoin held support around $90,875, signaling the potential establishment of a new consolidation phase before the next upward move. Byzantine General stated that BTC is poised to take out the local highs and potentially take a stab at piercing 100k, noting:
A lot of the passive supply already got taken out in the previous attempt, so theres a pretty good chance that we will see 100k soon.
Byzantine Generals thoughts were echoed by prominent crypto trader Jelle, who said that $100,000 for BTC was in sight. The trader shared the following chart where BTC appears to be breaking through a downward-sloping trendline. 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 reaching distance of the $100,000 mark. As previously reported, some analysts believe that BTC is mirroring its price action from 2023, which could see the assets price reach as high as $200,000 by early 2025.
Healthy Corrections Essential To Fuel Long-Term Growth
Bitcoin was trading just above $69,000 on November 6 before surging past 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 signal an overextension.
A slight correction to the low $90,000 level might just have been what was required for BTC to have a more sustained price momentum going forward. Further, it gives time to retail investors who have been missing from the current market rally to enter the market and potentially increase the demand-side pressure.
The recent price pullback also cooled down 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 predicted an ambitious price target of $740,000 BTC by 2028. At press time, BTC trades at $97,150, up 1.4% in the past 24 hours.
Text source: NewsBTC
