With bash, zsh and ksh _ProcessSubstitution_ :
while IFS= read -r line; do
echo "$line"
done < <(p4 opened -c $changelist)
See < and <
If not using one of these shells (like Joseph R. said in comments), use a simple pipe :
p4 opened -c $changelist | while IFS= read -r line; do
echo "$line"
done