Bitcoin Bulls Eye $100K as Open Interest Reset Fuels Momentum

Bitcoin (BTC) is gaining momentum as it pushes toward new highs, with traders now setting their sights on a major milestone: $100,000. The cryptocurrency hit multi-day highs leading into the November 29 Wall Street open, continuing its recovery from a recent low of $90,800 and sparking renewed bullish sentiment.

Bitcoin Poised for $100K Push

BTC’s strong performance has led to increasing calls for an imminent break above $100,000. According to market commentator Byzantine General, the current price action, combined with a recent reset in open interest (OI) on exchanges, supports the bull case in the short term.

“Open interest reset, support held up. Looks to me like we’re going to take out the local highs and possibly make a run for $100K,” he wrote on X (formerly Twitter). He noted that much of the "passive supply" had already been absorbed during a previous rally attempt, increasing the likelihood of a new price surge.

Bitcoin's current move mirrors the price action seen earlier this year when it surged past key resistance levels, with analysts confident that a push toward the six-figure range is imminent.

A Breakout in the Making?

Bitcoin's recent price movement shows it is testing a downward-sloping trendline that has held since its all-time high of $99,800 on November 22. Fellow trader Jelle pointed out the similarities to October 2023, when Bitcoin broke through $30,000 and continued to new all-time highs over the following months. He believes that a $100,000 Bitcoin is now within reach, commenting, “A $100K BTC is in striking distance.”

Daan Crypto Trades, another well-followed analyst, agreed, acknowledging that Bitcoin reaching a six-figure price would take some time to adjust to. “It’s going to take some time getting used to a six-figure Bitcoin, but I like it,” he said.

Bitcoin Positioned to Outpace Gold

A broader macro perspective is also fueling optimism. Charles Edwards, the founder of Capriole Investments, sees Bitcoin as a superior asset to gold, suggesting that it could follow in the precious metal's footsteps. Edwards pointed out that gold added $3.8 trillion in value over the summer. He believes that Bitcoin, with a much smaller market cap, could easily see a price jump from $100,000 to $200,000 in a matter of weeks.

"Bitcoin from $100K to $200K is just $2 trillion," Edwards calculated, adding, “So it wouldn't be surprising to see a $200K Bitcoin in 4-12 weeks from a strong $100K breakout. After all, BTC is a more liquid, fungible, and divisible asset than gold and trades 24/7.”

With Bitcoin showing resilience and positive price action, bulls are increasingly optimistic that $100,000 could be just the beginning. As liquidity continues to pour into the market and investor confidence grows, Bitcoin’s journey toward new all-time highs appears to be gaining momentum.