The general consensus is that Bitcoin is getting ready for a rally that will send it to its all-time high in the coming weeks. Given the recent influx in cryptocurrency and Its recent price performanceAnalysts are confident about Bitcoin going on a parabolic rally In new price areas in the fourth quarter of 2024.
Notably, the $100,000 price mark remains a psychological target for investors, as it would project the cryptocurrency’s price into the six-figure range. According to a crypto analyst named Peter DiCarlo, Bitcoin looks set to rise to this level. However, the resistance level needs to be cleared first.
Bitcoin ready for breakout, resistance ahead
Peter DiCarlo on social media platform X shared an interesting price analysis on the outlook for Bitcoin. His analysis was also accompanied by a BTC/USD 1W chart, which showed Bitcoin’s performance. Using this chart, he highlights an important price breakout that has caught the attention of many investors over the past week.
The cryptocurrency has seen a bullish run on Bitcoin’s recent rally Breaking the downward sloping upper trend line This has served as resistance for a period of price rallies since its all-time high of $73,737 in March 2024. Although Bitcoin has broken out of the upper trendline, this is not the first time in the past few months. However, these breakouts have mostly been around for a while, with Bitcoin ultimately trending downwards.
A key observation from DiCarlo was that Bitcoin has been in a bullish flag formation since March, a technical setup that is often viewed as a continuation pattern during bullish market cycles. DiCarlo commented that “This bull flag has deceived a lot of traders over the past few months.” Thus, he highlighted that the $68,000 price point is a key level to watch.
“We have to pay $68,000 before we can get confirmation,” he said. Said,
$BTCUSD Looking solid for a run to $100k in the coming months.
That said, we have to pay $68K before we can confirm!
This bull flag has deceived many traders in the last few months. As long as BX is still showing bullish accumulation, we should eventually break out… pic.twitter.com/FhcqvFmWa3
– Peter DiCarlo (@pdicarlotrader) 28 September 2024
Will Bitcoin finally reach $100,000 before 2024 ends?
The $68,000 price level raised by DiCarlo is important in determining the extent of the Bitcoin surge for the rest of the year. At the time of writing, Bitcoin is trading at $65,635 and is only 3.6% away From $68,000. Continued buying momentum could send Bitcoin above this price point by mid-week, adding to the buying pressure on Bitcoin.
Last October, the price of Bitcoin increased by 28.52%. If history repeats itself in October this year, it means Bitcoin will close this month at a new all-time high of $85,000. This, in turn, would set the stage for a further 17% increase to $100,000 in November and October.
If Bitcoin fails to maintain its upward momentum or encounters resistance, a reversal could occur. In this case, Bitcoin could retreat and retest the support around $63,000.
Featured image from Pexels, chart from TradingView
