The price of Bitcoin continues to rise, and investors are targeting the psychological mark of $100,000 as the cryptocurrency gains value this week.$BTC

Bitcoin’s (BTC) recent bull rally is one step closer to breaking through important psychological levels that could attract both retail and institutional investors. “Open interest is down to zero and support remains strong. It looks like we can break past local highs and perhaps reach $100,000,” crypto analyst Byzantine General said, emphasizing the market’s positive sentiment.

Bitcoin continues its upward movement, and analysts predict that a major breakout towards $100,000 could occur in a bullish environment.

Bitcoin Price Surge: $100,000 Threshold

Bitcoin price rose to as high as $97,539 on the Bitstamp exchange, according to data from Cointelegraph Markets Pro and TradingView, marking a strong recovery from the recent lows of around $90,800 and triggering a clear bullish sentiment in the market.

Analysts like Byzantine General believe that lower open interest (OI) levels indicate that a rally towards $100,000 is imminent. A decrease in OI indicates that traders are building positions in anticipation of a price breakout, signaling an accumulation phase.

The market dynamics seem positive. Investors believe that passive supply was largely exhausted during the recent upward move. “A large portion of passive supply was taken in the previous attempt, so we may see $100,000 soon,” Byzantine General said, sharing his optimism about the upcoming price action.

Sharing his views on Bitcoin’s price action, well-known trader Jelle stated that BTC is about to break out. With a chart showing BTC’s efforts to break out of the downtrend line that has been forming since the November highs, Jelle emphasized that the asset is ready to rise.

Jelle said that the current price action bears resemblance to the explosion that occurred when Bitcoin surpassed $30,000 and reached a new peak in October 2023. This parallel strengthens positive expectations for Bitcoin’s future path.

Broader market dynamics support Bitcoin’s current growth, with some analysts noting that Bitcoin’s price action follows a similar skate to gold and that Bitcoin could mimic gold’s bullish trends after a holding period.

Charles Edwards, founder of Capriole Investments, discussed the correlations between gold and Bitcoin, stating that gold has experienced a massive growth of $3.8 trillion in the last 16 weeks. Edwards emphasized that Bitcoin only needs a $2 trillion increase in market value to rise from $100,000 to $200,000, and that this presents a huge growth opportunity.

“BTC is a more liquid and divisible asset that can be traded 24/7. Thanks to these features, it may be in a more advantageous position when mimicking the performance of gold,” Edwards said, drawing attention to Bitcoin’s future potential.