Bitcoin’s Open Interest (OI) surged to a record high as its price climbed to $75,000, with some analysts forecasting further gains.
Bitcoin’s OI — which measures the total number of outstanding Bitcoin derivative contracts, such as options and futures — reached $45.4 billion, marking a 13.3% increase since Nov. 5 when Bitcoin broke past its previous high of $73,800 set in March, according to CoinGlass data.
OI rises when more new contracts are opened than closed, whether from long positions by buyers or short positions by sellers. Traders seem optimistic that Bitcoin’s price won’t fall back to its previous high of $73,679 anytime soon, as $1.26 billion in short positions are currently at risk of liquidation if it does.
At the time of writing, Bitcoin was trading at $75,792, according to TradingView, and many analysts are viewing the current price range as ideal.
Veteran trader Peter Brandt wrote in a Nov. 6 X post that “Bitcoin is now in the sweet spot of the bull market halving cycle that should top in the $130K to $150K range next Aug/Sep. I measure cycles differently than most.”
Other analysts also believe Bitcoin has significant upside. Crypto analyst Rajat Soni suggested it’s still early days for Bitcoin: “We are so early in Bitcoin’s adoption that you can still exchange pieces of paper ($, €, £, etc.) for BTC because most of the world thinks fiat currencies are backed by something tangible.”
Similarly, crypto analysis firm CryptoQuant noted that Bitcoin’s recent highs don’t necessarily indicate it’s overvalued. “Bitcoin’s new all-time high doesn’t mean it’s overvalued relative to its cost basis,” the firm stated in a Nov. 6 X post.
Bitcoin’s continued climb in price, combined with record-high OI, has led to growing optimism among crypto market analysts that the asset may have more room to grow in this cycle.
