Bitcoin Achieves 'Significant Step Forward' as $97K Price Targets Resurface

Bitcoin Achieves 'Significant Step Forward' as $97K Price Targets Resurface

Summary:
Bitcoin is maintaining its support at $90,000 leading into the Thanksgiving weekend after recently reaching price highs. There is renewed optimism among traders about the potential for Bitcoin to hit $100,000 once again, especially as futures markets indicate a reset that could foster a more lasting recovery.

Key Takeaways:

Bitcoin has successfully held $90,000 as support as we approach Thanksgiving, following recent weekly price highs.
Market expectations have turned positive, with a potential price target of $100,000 back on the table.
The futures markets indicate a reset, establishing groundwork for a more durable upward trend.

BTC Price Forecast: Targeting a Six-Figure Recovery

Recent data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin has managed to maintain support levels at $90,000.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

Just earlier in the day, Bitcoin reached a weekly high near $92,000, benefiting from a pause in Wall Street trading activities. Traders noted that an important resistance level now lies just above the $93,000 mark, which corresponds to the yearly opening level for 2025. Crypto trader and analyst Michaël van de Poppe asserted in a post on X that if this resistance is broken, Bitcoin could once again approach the $100,000 mark.

BTC/USD one-day chart. Source: Michaël van de Poppe/X

Trader Daan Crypto Trades also evaluated the exchange order-book liquidity and indicated that the $97,000 level is key for potential price movement upward. “The area around $97K-$98K has heavy stacking following a consistent sell-off a week or two ago, creating numerous marginally lower highs, which results in a substantial liquidity pocket,” he shared with his X followers, using data from CoinGlass.

BTC liquidation heatmap. Source: Daan Crypto Trades/X

Van de Poppe mentioned he wouldn’t oppose a price retreat to $88,000 first, emphasizing that the overall bullish trend for cryptocurrency is "far from over."

Bitcoin Markets are on the Path to Recovery

In additional encouraging news for Bitcoin supporters, J. A. Maartunn, who contributes to the on-chain analytics platform CryptoQuant, reported positive signs for Bitcoin.

Related: Death cross vs. $96K rebound: 5 key points to understand about Bitcoin this week.

Maartunn observed that spot markets are beginning to recover, with the taker cumulative volume delta (CVD) moving back toward a neutral position from previously negative levels. “This is a significant step forward!” he remarked.

Bitcoin spot taker CVD. Source: Maartunn/X

As reported by Cointelegraph, the negative CVD of spot takers was initially a concern for analysts earlier this month when Bitcoin was still above $100,000. More recently, there are clearer indications from the Bitcoin market—encompassing futures, spot trading, and on-chain data—that the recent "leveraged phase" may be concluding, with long-term investments making a return, according to XWIN Research Japan from CryptoQuant. This analysis pointed to CryptoQuant’s exclusive indicator tracking retail investor activity in Bitcoin futures, which is now mirroring "past market turning points" after switching to a positive signal.

Bitcoin futures retail investor indicator (screenshot). Source: CryptoQuant