The gods must have heard crypto investors’ prayers over Thanksgiving. As markets open up Friday, Bitcoin has regained the $97,000 support level. According to on-chain data from CoinGecko, Bitcoin is presently trading at $98,126, up 3.1% in the last 24 hours. Market analysts predict that BTC will hit $100K by the end of the weekend.
A crypto market observer has remarked that no obstacles are preventing BTC from reaching the highly anticipated $100,000 mark. A significant reduction in passive supply has led to a reset in open interest.
Historically, weekends have carried negative sentiments for the crypto markets. This one will be different. Who is the market going to thank for this? Bitcoin Bulls and Hodlers. According to current reports, Bitcoin whale holdings reached an all-time peak of 670,000 BTC in October.
This was the start of Bitcoin’s climb from $60,000 to its current all-time high of just under $100,000. In case history repeats itself, the Bitcoin price should be able to surpass the $100,000 psychological barrier as a result of whale accumulation.
Bitcoin open interests and BTC bulls
Open interests are joining the market before Bitcoin hits $100k. Open interests (OI) in crypto are the total number of outstanding derivative contracts, such as options or futures, that have not been settled. It’s a key metric used to measure market activity and sentiment in crypto trading.
Microstrategy begins the key BTC option interest options. In the past month, Microstrategy has disclosed its intention to acquire $10.2 billion in bitcoin and raise $42 billion in equity and debt.
According to data from Coinglass, BTC’s open interests lie at $62.62B with 637.18K BTC on the line.
Charles Edwards, founder of quantitative BTC and digital asset fund Capriole Investments, made a market observation for bulls. He made an estimation: “In just 16 weeks, Gold gained $3.8T this summer. Bitcoin from $100K to $200K is just $2T,”
He added, “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.”
Also, Trader Jelle wrote in an X post, “When price breaks out of a multi-month range, it generally doesn’t stop after a single wave of expansion.” He added, “Expecting at least one more leg of price discovery, bringing Bitcoin well into 6-figure territory.”
Source: Jelle’s X post
Jelle believes that BTC is pushing for a breakout. The charts can also prove that BTC has fought to maintain an uptrend throughout the month of November.
The Bitcoin six-figure game
As the world’s money revenue rises to $127 trillion in 2025, BTC could bring in $2 trillion in investments. Due to liquidity issues, Jamie Coutts, chief crypto analyst at Real Vision, stated the United States Federal Reserve is expected to boost the global money supply to around $127 trillion by 2025, up from the present $107 trillion, therefore reflecting a possible 18% increase.
Jamie Coutts, in an X post, wrote, “Global M2 bottomed at $94T in Q4 2022 and has since climbed to $105T. During this period, Bitcoin’s market cap 5x’ed, adding $1.5T. In other words, 10% of the new money supply has leaked from the fiat system into the emerging global reserve asset of Bitcoin”
Source: X
Coutts predicts that the global M2 money supply, which encompasses all cash and short-term bank deposits, will reach its peak in January 2026.
Gary Gensler, the greatest hurdle to crypto regulations is out. He is set to resign in January 2025. Trump has promised to overhaul regulatory leadership, including replacing Gary Gensler, the current chair of the Securities and Exchange Commission (SEC).
Gensler’s announcement that he will resign on Inauguration Day has further increased bullish sentiment in the market.
Meanwhile, on crypto as a whole, traders concentrated on altcoins, with the largest altcoin, Ether, trading at $3,622.91. This move marked the beginning of a long-awaited upward trend that continued throughout the week.
In addition, Ripple’s XRP is living up to investors’ expectations. Recent reports show that XRP has surpassed BNB to become the fifth-largest crypto by market cap.
A trader called Rekt Capital responded by emphasizing the $4,000 threshold as a prospective bullish objective in the near term. He wrote, “Ethereum has revisited the ~$3700 resistance of its main market structure (light blue).”
In addition, Jelle observed that Ethereum could be behaving like Bitcoin. He wrote an X post: “ETH has formed a massive trendline over the past years—just like Bitcoin did in 2018-2020.”
Source: X
He explained, “When BTC finally broke out, it rallied for months on end.” Ether has outperformed Bitcoin in futures yields, suggesting that potential ETF inflows could potentially drive a rally above $4,000 before January 20.
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