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Bitcoin (BTC) appears to be rebounding from its recent decline after hitting a new all-time high (ATH) of $99,645 on November 22. Previous market cycles.
Bitcoin Open Interest Reset: Is $100,000 Next?
It looks like the major cryptocurrency is ready to make another attempt to reach the $100,000 level. According to For cryptocurrency analyst Byzantine General, the latest BTC price withdrawal Resets open interest to levels last observed when the asset first reached $90,000.
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More importantly, Bitcoin held support at around $90,875, suggesting a new consolidation phase may be established before the next upward move. The Byzantine general stated that BTC is ready to “clear the local highs and possibly attempt to break 100K,” noting:
A lot of the negative supply has already been eliminated in the previous attempt, so there is a very good chance that we will see 100k soon.
The Byzantine general’s thoughts were echoed by prominent cryptocurrency trader Gilly, who said that $100,000 for Bitcoin is “on the horizon.” Merchant subscriber The following chart is where BTC appears to be breaking through the downtrend line. At the same time, it is also forming an inverse head and shoulders pattern – a typically bullish indicator.
Another crypto analyst Daan Crypto Trades Agreed That Bitcoin is within walking distance of the $100,000 mark. Ditto I mentionedSome analysts believe BTC reflects price action from 2023, which could see the price of the asset reach $200,000 by early 2025.
Health corrections are essential to stimulate 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 rise could indicate overextension.
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A minor correction to the low $90,000 level may be what is needed for BTC to gain more sustainable price momentum going forward. Moreover, it buys time for individual investors – who were Missing From the current market high – to enter the market and possibly increase pressure on the demand side.
The recent price also declined refrigeration Bitcoin’s Fear and Greed Index has dropped from extreme greed to more moderate levels, paving the way for a more organic and sustainable rally across the cryptocurrency market.
Speaking of the long-term outlook, Pantera Capital founder and managing partner Dan Moorhead recently said anticipation An ambitious price target of $740,000 BTC by 2028. At press time, BTC is trading at $97,150, up 1.4% in the past 24 hours.
Featured image from Unsplash, charts from X and Tradingview.com
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