Originally published on: November 29, 2024
Bitcoin is surging towards the six-figure mark, with traders eyeing a potential breakthrough to $100,000 as open interest reset fuels bullish sentiment. On Nov. 29, Bitcoin reached multiday highs as it soared to $97,539 on Bitstamp, continuing its comeback from recent lows of $90,800.
Commentators like Byzantine General are optimistic about Bitcoin’s trajectory, pointing to lower open interest levels on exchanges as a catalyst for further price gains. “Open interest reset, support held up. Looks to me like we’re gonna take out the local highs and potentially take a stab at piercing 100k,” Byzantine General shared on social media.
Trader Jelle echoes this sentiment, affirming that a six-figure BTC price tag is “in sight.” He highlighted Bitcoin’s push for a breakout, illustrated by price attempting to break through a downward-sloping trend line in place since its recent all-time highs of $99,800.
Drawing parallels to previous price action in October 2023, Jelle predicts that Bitcoin is on track to reach new all-time highs in the near future. Fellow trader Daan Crypto Trades also chimed in, stating that “$100K $BTC is in reaching distance.”
From a macro perspective, some analysts are comparing Bitcoin’s performance to gold, suggesting that the digital asset could catch up with gold’s strong gains in the coming months. Charles Edwards, founder of Capriole Investments, highlighted the potential for Bitcoin to see significant gains, pointing out that the path from $100K to $200K is relatively small compared to gold’s recent upward trajectory.
As Bitcoin bulls charge towards $100,000, it’s essential to remember that all investment and trading decisions involve risks. Conduct thorough research and due diligence before making any financial moves in the volatile crypto market.
