Bitcoin Resets Open Interest, Targets $100,000 After Holding Key Support – Details

Bitcoin recently reached a new all-time high of nearly $100,000 before a pullback. Despite significant liquidations, the market avoided a major sell-off. The price drop reset open interest, potentially setting the stage for another push towards $100,000. Several analysts predict Bitcoin will soon surpass $100,000, citing technical indicators and reduced selling pressure. Charts show a potential inverse head-and-shoulders pattern, a bullish sign. The recent correction is viewed as healthy, allowing for consolidation and retail investor participation. The pullback also moderated the Fear & Greed Index, promoting a more sustainable rally. Some analysts even forecast Bitcoin reaching $200,000 by early 2025 or even $740,000 by 2028. Currently, Bitcoin trades slightly below $97,200, showing a recent increase. The overall sentiment remains optimistic regarding Bitcoin's future price trajectory.