CryptoIntelligence 2024-11-29 19:22:00

Bitcoin Edges Closer to $100,000 As Alts Surge

Bitcoin surged to multiday highs on Nov. 29 as traders eyed a potential move to $100,000. BTC price eyes $100K Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $97,539 on Bitstamp. The cryptocurrency recovered from its recent dip to $90,800, fueling optimism about a six-figure price milestone. Commentator Byzantine General noted a bullish setup, with lower open interest (OI) on exchanges supporting the case for further gains. “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 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 echoed this sentiment, stating that a six-figure price was “in sight.” “Bitcoin is pushing for a breakout,” he said on X, sharing a chart of BTC/USD attempting to breach a trendline established after its Nov. 22 all-time high of $99,800. Jelle compared the current price action to October 2023, when BTC/USD broke through $30,000 and continued to new highs five months later. “A $100K $BTC is in reaching distance,” said fellow trader Daan Crypto Trades. “Going to take some time getting used to a 6-figure Bitcoin. But I like it.” Bitcoin and gold comparisons emerge Others focused on Bitcoin’s potential to follow gold’s recent strong performance. As previously reported, Bitcoin’s price action could be trailing gold by roughly three months. Charles Edwards, founder of Capriole Investments, highlighted the upside potential. “In just 16 weeks, gold gained $3.8T this summer. Bitcoin from $100K to $200K is just $2T,” he explained. He added, “BTC is a superior, more liquid, fungible and divisible asset that trades 24/7.”