Bitcoin recently reached an all-time high of $99,645 and is recovering from its subsequent pullback. Despite over $500 million in liquidations, the market did not experience cascading sell-offs typical of past cycles.
Crypto analyst Byzantine General notes that Bitcoin's reset in open interest hints at another attempt to breach the $100,000 threshold. Bitcoin maintained support around $90,875, suggesting a consolidation phase before the next upward movement. Analysts and traders like Jelle and Daan Crypto Trades are optimistic about Bitcoin reaching $100,000 soon.
Bitcoin experienced a rapid 40.8% rally within a month. A slight correction to the low $90,000 level is seen as essential for long-term growth and provides an entry point for retail investors. This also moderated the Bitcoin Fear & Greed Index, setting the stage for a more sustainable market rally.
Looking ahead, Pantera Capital's Dan Morehead predicts an ambitious long-term price target of $740,000 by 2028. Currently, Bitcoin trades at $97,150, experiencing a slight 1.4% increase in the last 24 hours.
