$100K ‘in sight’ as open interest reset boosts Bitcoin bulls

Bitcoin (BTC) hit multi-day highs into the Nov. 29 Wall Street open as traders set their sights on $100,000.

BTC price tipped for “stab at” $100,000

Data from Cointelegraph Markets Pro and TradingView recorded solid BTC price performance, with BTC/USD reaching $97,539 on Bitstamp.

Bitcoin continued a comeback from $90,800 seen days prior, and its ongoing resilience returned calls for an attack on $100,000 to come “soon.”

For popular commentator Byzantine General, lower levels of open interest (OI) on exchanges furthered the short-term bull case.

“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,” he wrote in a post on X. 

“A lot of the passive supply already got taken out the previous attempt, so there’s a pretty good chance that we see 100k soon.”

Popular trader Jelle confirmed that a six-figure BTC price tag was “in sight.”

“Bitcoin is pushing for a breakout,” he told X followers on the day, uploading a chart showing price attempting to push through a downward-sloping trend line in place since its most recent all-time highs of $99,800 seen on Nov. 22.

Jelle further likened current price action to the breakout in October 2023, when BTC/USD pushed through $30,000 to ultimately continue to new all-time highs five months later.

“A $100K $BTC is in reaching distance,” fellow trader Daan Crypto Trades agreed. 

“Going to take some time getting used to a 6 figure Bitcoin. But I like it.”

“Superior” Bitcoin seen copying gold

Other perspectives favored a macro view where Bitcoin catches up with gold’s strong performance.

Related: Bitcoin $2B daily profit-taking involves mostly new hodlers — Research

As Cointelegraph previously reported, one theory revolves around BTC price action trailing gold by around three months. 

Updating X followers on the topic, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, had good news for bulls.

“In just 16 weeks, Gold gained $3.8T this summer. Bitcoin from $100K to $200K is just $2T,” he calculated. 

“So it wouldn’t be surprising to see $200K Bitcoin in 4-12 weeks from a strong $100K breakout. After all, BTC is a superior, more liquid, fungible and divisible asset that trades 24/7.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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