Bitcoin (BTC) appears to be rebounding from its recent pullback after hitting a new all-time high (ATH) of $99,645 on Nov. 22. Despite over $500 million in liquidations during the downturn, the event did not trigger the chain sell-off seen in previous market cycles.
Bitcoin Open Interest Reset: Will $100,000 Be the Next Target?
The flagship cryptocurrency appears ready to challenge the $100,000 mark once again. According to cryptocurrency analyst Byzantine General, the recent BTC price pullback reset open interest to levels last seen when the asset first hit $90,000.
It is crucial that Bitcoin holds support around $90,875, which suggests a new consolidation phase may be established before the next rise. Byzantine General stated that BTC is ready to 'break through local highs and possibly exceed $100,000', and noted:
In previous attempts, a large amount of passive supply has been removed, so we are likely to see $100,000 soon.
Famous cryptocurrency trader Jelle also agrees with the Byzantine General's view, stating that BTC is expected to break through the $100,000 mark. This trader shared the following chart, where BTC seems to be breaking through the downward trend line. At the same time, it has also formed an inverse head and shoulders pattern—typically a bullish indicator.
Another cryptocurrency analyst Daan Crypto Trades also believes that Bitcoin is about to reach the $100,000 mark. As previously reported, some analysts think that the price trend of BTC is similar to that of 2023, and by early 2025, the price of this asset could reach $200,000.
A healthy correction is essential for promoting long-term growth.
On November 6, the trading price of Bitcoin was slightly above $69,000, then surged to an all-time high, currently priced at $97,150, marking an increase of up to 40.8% in less than a month. However, such a rapid rise may indicate overextension.
A slight pullback in BTC price to the low $90,000s may be a necessary condition for its future price to maintain a more sustained momentum. Additionally, this also provides retail investors (who have been absent from the current market rebound) with time to enter the market and may increase demand-side pressure.
The recent price pullback has also caused the Bitcoin Fear and Greed Index to drop from extreme greed to more moderate levels, laying the groundwork for a more organic and sustainable rebound across the entire cryptocurrency market.
Regarding long-term forecasts, Pantera Capital founder and CEO Dan Morehead recently predicted that by 2028, the price target for BTC will reach $740,000. As of the time of writing, BTC is trading at $97,150, having risen 1.4% in the past 24 hours.
