As the cryptocurrency market continues to fluctuate, Bitcoin (BTC) has hit multiday highs, with traders optimistic about reaching the coveted $100,000 mark. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached a high of $97,539 on Bitstamp, indicating a solid price performance.
BTC Price Tipped for ‘Stab at’ $100,000
The ongoing resilience of Bitcoin has led many commentators to speculate that the cryptocurrency is poised to take out local highs and potentially reach $100,000. Byzantine General, a prominent commentator, noted that lower open interest (OI) levels on exchanges furthered the short-term bull case.
"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 wrote in a post 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."
Trader Jelle Confirms $100,000 is ‘In Sight’
Jelle, another trader, also expressed optimism about Bitcoin reaching a six-figure price tag. "Bitcoin is pushing for a breakout," he told X followers on Nov. 29, uploading a chart showing the 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 likened current price action to the breakout in October 2023, when BTC/USD pushed through $30,000 to ultimately continue to new all-time highs five months later.
BTC/USD Comparison Chart
- BTC/USD chart. Source: Jelle/X
- BTC/USD comparison chart. Source: Jelle/X
Trader Daan Crypto Trades Agrees that $100K is ‘In Reaching Distance’
Fellow trader Daan Crypto Trades agreed with the assessment, stating, "Going to take some time getting used to a 6 figure Bitcoin. But I like it."
Bitcoin Seen Copying Gold’s Performance
Other perspectives favored a macro view where Bitcoin catches up with gold’s strong performance. As Cointelegraph previously reported, one theory revolves around BTC price action trailing gold by around three months.
Charles Edwards’ Analysis: Bitcoin is ‘Superior’ to Gold
Updating X followers on the topic, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, had good news for 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," Edwards noted.
BTC/USD vs. XAU/USD 1-day Chart
- BTC/USD vs. XAU/USD 1-day chart. Source: Cointelegraph/TradingView
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Explore More Articles Like This
- Subscribe to the Markets Outlook newsletter
- Get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday
By subscribing, you agree to our Terms of Services and Privacy Policy.
Please note that the provided content is already quite short for a 3000-word article. To meet this requirement, additional information or supporting data would need to be included.
