Bitcoin (BTC) surged to multi-day highs ahead of Wall Street's open on November 29, reaching $97,539 on Bitstamp. Traders are increasingly optimistic about Bitcoin attacking the $100,000 mark soon, especially due to a lower level of open interest on exchanges, which is seen as bullish. Commentators note that the passive supply of Bitcoin has diminished following previous attempts to break higher, enhancing the chances of surpassing local highs. Popular traders highlight that Bitcoin is nearing a breakout and liken current price movements to previous trends that led to significant gains. There are also macro perspectives suggesting that Bitcoin could closely follow gold's trajectory after its recent gains, estimating that a breakout to $100K could lead to an eventual rise up to $200K within 4-12 weeks, given Bitcoin's attributes as a superior asset. Market analysts remain cautiously optimistic, while emphasizing the inherent risks of trading.

Source 🔗