Bitcoin Aims for $100,000 After Resetting Open Interest and Holding Support
Bitcoin (BTC) is rebounding after a pullback, reaching a new all-time high (ATH) of $99,645 on November 22. Despite over $500 million in liquidations during the downturn, cascading sell-offs did not occur as in previous cycles.
Bitcoin Open Interest Resets: Is $100,000 Next?
Bitcoin appears set to target the $100,000 milestone. Analyst Byzantine General noted that the recent price pullback reset open interest to levels seen when BTC first hit $90,000. Bitcoin has maintained support around $90,875, indicating a potential consolidation phase before another upward movement. Byzantine General stated:
A lot of the passive supply already got taken out in the previous attempt, so there’s a pretty good chance that we will see 100k soon.
Trader Jelle echoed this sentiment, asserting that $100,000 for BTC is “in sight.” He shared a chart indicating that BTC is breaking through a downward trendline while forming an inverse head-and-shoulders pattern, a bullish sign.
Analyst Daan Crypto Trades also agreed that Bitcoin is close to the $100,000 mark. Some analysts suggest that BTC's current price action mirrors its performance from 2023, potentially leading to a price of $200,000 by early 2025.
Healthy Corrections Essential To Fuel Long-Term Growth
Bitcoin traded above $69,000 on November 6 before surpassing its previous ATH and reaching $97,150, marking a 40.8% gain in under a month. Such rapid gains may indicate overextension.
A slight correction to the low $90,000 range could facilitate sustained momentum, allowing retail investors—who have been absent from the rally—to enter the market and boost demand. The recent pullback also moderated the Bitcoin Fear & Greed Index from extreme greed, setting the stage for a more organic rally across the cryptocurrency sector.
Dan Morehead, founder of Pantera Capital, predicted a significant price target of $740,000 for BTC by 2028. As of now, BTC trades at $97,150, up 1.4% in the past 24 hours.
