Bitcoin (BTC) appears to be rebounding from its recent pullback after reaching a new all-time high (ATH) of $99,645 on November 22. Despite liquidations exceeding $500 million during the downturn, the event did not trigger the cascading sell-offs seen in previous market cycles.

Bitcoin Open Interest Resets: Is $100,000 Next?

The flagship cryptocurrency seems ready to make another attempt at the $100,000 milestone. According to crypto analyst Byzantine General, the recent BTC price pullback reset open interest to levels last observed when the asset first touched $90,000.

Critically, Bitcoin held support around $90,875, signaling the potential establishment of a new consolidation phase before the next upward move. Byzantine General stated that BTC is poised to “take out the local highs and potentially take a stab at piercing 100k,” noting:

A lot of the passive supply already got taken out in the previous attempt, so there’s a pretty good chance that we will see 100k soon.

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Byzantine General’s thoughts were echoed by prominent crypto trader Jelle, who said that $100,000 for BTC was “in sight.” The trader shared the following chart where BTC appears to be breaking through a downward-sloping trendline. At the same time, it is also forming an inverse head-and-shoulders pattern – typically a bullish indicator.

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Another crypto analyst Daan Crypto Trades agreed that Bitcoin is within reaching distance of the $100,000 mark. As previously reported, some analysts believe that BTC is mirroring its price action from 2023, which could see the asset’s price reach as high as $200,000 by early 2025.

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