Bitcoin (BTC) hit a multi-day high on November 29th as traders set their sights on $100,000.
BTC/USD 1 hour chart. Source: Cointelegraph/TradingView
BTC price could “stick” to $100,000
Cointelegraph Markets Pro and TradingView BTC price performance was solid, with BTC/USD reaching $97,539 on Bitstamp.
Bitcoin continues its recovery from the $90,800 mark seen a few days ago, and its continued resilience has brought back calls for an attack on $100,000 “soon.”
For popular commentator Byzantine General, falling exchange open interest (OI) levels have further fueled the short-term bull market.
“Open interest has reset and support has held. It looks to me like we could break through the local highs and break above 100,000.” I wrote In the post of X.
“It's quite likely we'll see 100,000 soon, as much of the passive power supply has already been removed in previous attempts.”
This is a 4-hour chart of Bitcoin futures (Binance). Source: Byzantine General/X
Popular trader Jere admitted that six-digit BTC prices are “in sight.”
“Bitcoin is driving a breakout,” he says. said On this day, X followers uploaded a chart showing the price attempting to break out of the downtrend line that has been present since the most recent high of $99,800 on November 22nd.
BTC/USD chart. Source: Jelle/X
more jelly Likened to The current price trend leading up to the breakout in October 2023 saw BTC/USD break above $30,000 and eventually go on to new all-time highs five months later.
BTC/USD comparison chart. Source: Jelle/X
“$100,000 of BTC is within reach,” said Daan Crypto Trades, a trader. agreed.
“It's going to take some time to get used to six-digit Bitcoin. But I like it.”
'Superior' Bitcoin appears to imitate gold
Other views supported the macro view of Bitcoin catching up with gold's strong performance.
Related: New Bitcoin hodlers are primarily responsible for $2 billion in Bitcoin daily profit taking — study
As previously reported by Cointelegraph, one theory revolves around BTC's price movement lagging gold's by about three months.
Updating A few followers of the story, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriol Investments, had some good news for the bulls.
“This summer, in just 16 weeks, gold increased by $3.8 trillion. Bitcoin from $100,000 to $200,000 is only worth $2 trillion,” he calculated.
“Therefore, it would not be surprising to see $200,000 Bitcoin emerge within 4-12 weeks of a $100,000 breakout. After all, BTC is a superior, more liquid market that trades 24/7. It is a highly functional, fungible and divisible asset.”
1-day chart of BTC/USD vs. XAU/USD. Source: Cointelegraph/TradingView
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
