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.<\/p>\n
The flagship cryptocurrency seems ready to make another attempt at the $100,000 milestone. According<\/a> to crypto analyst Byzantine General, the recent BTC price pullback<\/a> reset open interest to levels last observed when the asset first touched $90,000.<\/p>\n 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 \u201ctake out the local highs and potentially take a stab at piercing 100k,\u201d noting:<\/p>\n A lot of the passive supply already got taken out in the previous attempt, so there\u2019s a pretty good chance that we will see 100k soon.<\/p>\n Byzantine General\u2019s thoughts were echoed by prominent crypto trader Jelle, who said that $100,000 for BTC was \u201cin sight.\u201d The trader shared<\/a> 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 \u2013 typically a bullish indicator.<\/p>\n Another crypto analyst Daan Crypto Trades agreed<\/a> that Bitcoin is within reaching distance of the $100,000 mark. As previously reported<\/a>, some analysts believe that BTC is mirroring its price action from 2023, which could see the asset\u2019s price reach as high as $200,000 by early 2025.<\/p>\n Bitcoin was trading just above $69,000 on November 6 before surging past its previous ATH and reaching its current price of $97,150 \u2013 a staggering 40.8% gain in less than a month. However, such a rapid rally could signal an overextension.<\/p>\n A slight correction to the low $90,000 level might just have been what was required for BTC to have a more sustained price momentum going forward. Further, it gives time to retail investors \u2013 who have been missing<\/a> from the current market rally \u2013 to enter the market and potentially increase the demand-side pressure.<\/p>\n The recent price pullback also cooled<\/a> down the Bitcoin Fear & Greed Index from extreme greed to more moderate levels, setting the stage for a more organic and sustainable rally across the cryptocurrency market.<\/p>\nHealthy Corrections Essential To Fuel Long-Term Growth<\/h2>\n