Bitcoin’s Open Interest Recovers, Aims for $100,000 Following Sustained Key Support Level – Insights from TradingView News

Bitcoin (BTC) is experiencing a resurgence after its recent correction, having achieved a record-breaking high of $99,645 on November 22. The downturn witnessed over $500 million in liquidations, yet it did not incite the extensive sell-offs characteristic of past market downturns.

Bitcoin’s Open Interest Reset: A Prelude to $100,000?

The premier digital currency, Bitcoin, is staging a comeback, eyeing the elusive $100,000 level. Crypto analyst Byzantine General posits that the recent dip in BTC value actually reset open interest to a state similar to when Bitcoin initially hit $90,000.

Bitcoin’s resilience is evident as it maintained a support level near $90,875, which might suggest the beginning of a consolidation period that could precede a potential price surge. The Byzantine General hinted that Bitcoin could challenge the existing highs and “potentially take a stab at piercing 100k,” adding:

With a significant amount of passive supply exhausted during the last rally, there’s a strong likelihood that the $100k mark could be seen in the near future.

Reiterating the bullish sentiment, acclaimed crypto trader Jelle considers $100,000 for BTC plausible. Jelle highlighted a pattern in the charts where BTC is overcoming a descending trendline and forming what appears to be an inverse head-and-shoulders pattern, commonly associated with bullish forecasts.

Concurring with this upbeat outlook, Daan Crypto Trades also acknowledged Bitcoin’s proximity to the $100,000 threshold. As some analysts previously suggested, BTC’s current trajectory resembles its trend from 2023, potentially leading to a valuation of near $200,000 come early 2025.

Crucial Market Corrections Bolstering Long-Term Expansion

On November 6, Bitcoin was trading slightly above $69,000 before it soared beyond its former ATH to the present price tag of $97,150, signifying an impressive rise of 40.8% in under one month. This swift escalation may indicate a stretch in the market.

Nonetheless, a minor retreat to the lower $90,000 bracket might have provided the necessary cooldown for Bitcoin to secure a more enduring upward trajectory. Moreover, this setback offers retail investors, who had been largely absent from the ongoing rally, an opportunity to join and possibly amplify buying pressure.

Additionally, the recent price adjustment has tempered the Bitcoin Fear & Greed Index from a state of “extreme greed” to more moderate levels, fostering conditions for a healthier and more steady advance within the broader crypto market.

In light of long-range projections, Dan Morehead, Pantera Capital’s founder and managing partner, ambitiously projects a Bitcoin worth of $740,000 by 2028. At the moment, BTC is valued at $97,150, having gained 1.4% in the last 24 hours.