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Bitcoin (BTC) appears to be recovering from its recent volatility after reaching a new all-time high (ATH) of $99,645 on November 22. Despite liquidations of over $500 million during the recession, this event did not trigger the widespread selloff seen. Previous market cycles.
Bitcoin Open Interest Reset: Is $100,000 Next?
It looks like the leading cryptocurrency is ready to make another attempt at the $100,000 milestone. According Crypto analyst Byzantine General Ko, recent BTC price accommodate Reset open interest to the level last seen when the asset first touched $90,000.
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Critically, Bitcoin held support around $90,875, indicating the possible establishment of a new consolidation phase before the next upward move. Byzantine General said BTC is “poised to obliterate local highs and potentially surpass 100k,” noting:
A lot of the idle supply was already taken out in the last attempt, so there’s a very good chance we’ll see 100k soon.
Byzantine General’s views were echoed by prominent crypto trader Jelle, who said that $100,000 was “in sight” for BTC. Businessman shared The following chart is where BTC appears to have broken out of a downward sloping trend line. At the same time, it is also forming an inverse head and shoulders pattern – usually a bullish indicator.
Dan Crypto Trades, another crypto analyst Agreed That Bitcoin is close to reaching the $100,000 mark. like before informedSome analysts believe that BTC is mirroring its price action from 2023, which could see the asset’s price reach $200,000 by early 2025.
Healthy reforms needed to promote long-term growth
On November 6, Bitcoin was trading just above $69,000 before surpassing its previous ATH and reaching its current price of $97,150 – a stunning gain of 40.8% in less than a month. However, such a rapid rally could indicate excessive expansion.
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A slight correction from the lows of $90,000 may be all that is needed for BTC to gain more sustained price momentum going forward. Additionally, it gives time to retail investors – who have been missing From the current market rally – to enter the market and potentially increase demand-side pressure.
Recent price decline also Cooled The Bitcoin Fear and Greed Index dropped from extreme greed to more moderate levels, setting the stage for a more organic and sustainable rally in the cryptocurrency market.
As for long-term forecasts, Dan Morehead, founder and managing partner of Pantera Capital, recently said predicted Ambitious price target of $740,000 BTC by 2028. At press time, BTC is trading at $97,150, up 1.4% in the last 24 hours.
Featured image from Unsplash, chart from X and tradingview.com
