BTC Price Jump: $100K “In Sight” as Open Interest Reset Bolsters Bitcoin Bulls

Bitcoin (BTC) is soaring to multi-day highs participants are pointing to $100,000. In its operation on November 29, BTCUSD reached the level of $ 97 539 per Bitstamp after touching an intra-week minimum at $ 90 800. Analysts are of the opinion that Bitcoin is poised to "take a stab" at $100,000 soon in the light of prevailing optimism.

According to Cointelegraph Markets Pro and TradingView data, Bitcoin has sustained its strength and, consequently, fueled speculation of an enormous move towards $100,000. A popular market commentator known as Byzantine General said the low open interest (OI) at lower levels supports the bullish thesis.

“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 shared with followers on X.

Adding to the optimism, there is a popular trader Jelle who made sure to confirm that the price of BTC is good-to-go for a breakout, saying: "Bitcoin is pushing for a breakout," and posting a chart showing the price attempting to break through an existing downward trend line that is in place since its recently hit all-time highs on $99,800 around late November 2024.

“A $100K BTC is in reaching distance,” IT co_ALT Crypto – Daan Crypto Trades said as he pointed to the enthusiasm people have for bitcoin. Is already going to take sometime to get used to having a 6 figure Bitcoin. But I like it."

Mining Firm Believes Bitcoin Will Beat Gold

A big picture perspective shows that the price of Bitcoin will reach the price of gold to an extent which was bid some time ago and this has been on the rise. According to Charles Edwards, founder of Capriole Investments, there is an optimistic future for Bitcoin, with the total market value of Bitcoin catching up with that of gold in a short period.

"In just 16 weeks, Gold gained $3.8 trillion this summer. Bitcoin from $100K to $200K is just $2 trillion," Edwards tweeted. "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."

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