Bitcoin

Gold

Bitcoin hit multiday highs into the Nov. 29 Wall Street open as traders set their sights on $100,000.
<figure>
 <img alt="BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls" src="https://s3.cointelegraph.com/uploads/2024-11/019377e0-1682-7689-994c-fac5b3f5d81a" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
<h2 id="btc-price-tipped-for-stab-at-100-000">BTC price tipped for “stab at” $100,000</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> recorded solid BTC price performance, with BTC/USD reaching $97,539 on Bitstamp.
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-retains-gains-attention-ethereum-comeback" rel="null" target="null" text="null" title="null">continued a comeback</a> from $90,800 seen days prior, and its ongoing resilience returned calls for an attack on $100,000 to come soon.
For commentator Byzantine General, 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 <a data-ct-non-breakable="null" href="https://x.com/ByzGeneral/status/1862446238366408930" rel="null" target="null" text="null" title="null">wrote</a> in a post on X.&nbsp;
<blockquote>
 “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.”
</blockquote>
<figure>
 <img alt="BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls" src="https://s3.cointelegraph.com/uploads/2024-11/019377d9-bd44-7942-a4a5-3c2288391476" title="">
 <figcaption style="text-align: center;">
 Bitcoin futures (Binance) 4-hour chart. Source: Byzantine General/X
 </figcaption>
</figure>
Trader Jelle confirmed that a six-figure BTC price tag was “in sight.”
“Bitcoin is pushing for a breakout,” he <a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1862466576575823886" rel="null" target="null" text="null" title="null">told</a> 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.
<figure>
 <img alt="BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls" src="https://s3.cointelegraph.com/uploads/2024-11/019377db-01c6-74f6-a5eb-24249fd70c81" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Jelle/X
 </figcaption>
</figure>
Jelle further <a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1862408517258194960" rel="null" target="null" text="null" title="null">likened</a> 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.
<figure>
 <img alt="BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls" src="https://s3.cointelegraph.com/uploads/2024-11/019377da-8691-7d8a-83a1-83475358fd95" title="">
 <figcaption style="text-align: center;">
 BTC/USD comparison chart. Source: Jelle/X
 </figcaption>
</figure>
“A $100K $BTC is in reaching distance,” fellow trader Daan Crypto Trades <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1862240549543321866" rel="null" target="null" text="null" title="null">agreed</a>.&nbsp;
<blockquote>
 “Going to take some time getting used to a 6 figure Bitcoin. But I like it.”
</blockquote>
<h2 id="superior-bitcoin-seen-copying-gold">“Superior” Bitcoin seen copying gold</h2>
Other perspectives favored a macro view where Bitcoin catches up with gold’s strong performance.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-2-b-daily-profit-taking-mostly-new-hodlers-research" rel="null" target="null" text="null" title="null">Bitcoin $2B daily profit-taking involves mostly new hodlers — Research</a>
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-3-months-copy-gold-bull-run-analyst" rel="null" target="null" text="null" title="null">Cointelegraph previously reported</a>, one theory revolves around BTC price action trailing gold by around three months.&nbsp;
<a data-ct-non-breakable="null" href="https://x.com/caprioleio/status/1862225064739184862" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/caprioleio/status/1862225064739184862">Updating</a> 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.&nbsp;
<blockquote>
 “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.”
</blockquote>
<figure>
 <img alt="BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls" src="https://s3.cointelegraph.com/uploads/2024-11/019377dc-dd00-730c-98b4-32b6f7e3ab6e" title="">
 <figcaption style="text-align: center;">
 BTC/USD vs. XAU/USD 1-day chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
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.

BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls

Table of Contents

Cointelegraph

Other articles published on Nov 29, 2024

ZA Bank Becomes Asia’s First Bank to Offer Retail Crypto Trading: Report

Solana Trader Who Made $10M on SAND Predicts 7,500% Gains for This $0.045 Multichain Token

Building a Borderless World on Blockchain : WEMIX

PixVerse AI: Transforming Text and Images into Captivating Videos

Whales Move Large Amounts of XRP, Influencing Market Dynamics

Bitcoin Spot ETFs Break Records with $6.2 Billion Inflows in November

Join our free newsletter for daily crypto updates!