As an analyst with over two decades of experience in the financial markets, I have witnessed many bull runs and bear markets, but none quite like this digital gold rush we are currently experiencing. The prospect of Bitcoin reaching $100,000 is no longer just a pipe dream, but a realistic possibility.
On November 29, Bitcoin (BTC) reached new heights over several days, prompting traders to aim for a potential price of $100,000 as the stock market opened.
BTC price tipped for “stab at” $100,000
As an analyst, I observed significant growth in Bitcoin’s price based on data sourced from CryptoMoon Markets Pro and TradingView. The BTC/USD pair peaked at a staggering $97,539 on Bitstamp.
Bitcoin showed signs of recovery after dipping to around $90,800 earlier, leading some analysts to predict that a surge towards $100,000 could happen “shortly.
According to well-known commentator Byzantine General, a decrease in open interest at trading platforms strengthens the short-term argument for a rising market trend.
In simpler terms, “The current open interest has been re-set and so far, the existing support levels are holding strong. It seems likely that we might surpass the nearby peak values and could even attempt to break through the 100k mark,” he posted on X.
“A lot of the passive supply already got taken out the previous attempt, so there’s a pretty good chance that we see 100k soon.”
Popular trader Jelle confirmed that a six-figure BTC price tag was “in sight.”
“Bitcoin is pushing for a breakout,” he told X followers on the day, uploading a chart showing price attempting to push through a downward-sloping trend line in place since its most recent all-time highs of $99,800 seen on Nov. 22.
Jelle also drew a comparison between the present market movements and the breakthrough in October 2023, where Bitcoin (BTC) surpassed $30,000 and went on to reach new record highs about five months later.
“A $100K $BTC is in reaching distance,” fellow trader Daan Crypto Trades agreed.
“Going to take some time getting used to a 6 figure Bitcoin. But I like it.”
“Superior” Bitcoin seen copying gold
Other perspectives favored a macro view where Bitcoin catches up with gold’s strong performance.
Previously reported by CryptoMoon, there’s a theory suggesting that the movement of Bitcoin’s (BTC) price may follow a pattern similar to gold’s, with a delay of approximately three months between the two assets’ trends.
Sharing some updates with X followers about Charles Edwards, the creator of quantitative Bitcoin and digital asset fund Capriole Investments, brought positive tidings for Bitcoin enthusiasts (bulls).
“In just 16 weeks, Gold gained $3.8T this summer. Bitcoin from $100K to $200K is just $2T,” he calculated.
“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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2024-11-29 15:43