The general consensus is that Bitcoin is poised for a rally that will surpass its all-time high in the coming weeks. Given the recent inflows In cryptocurrency and Recent price performanceAnalysts are confident in Bitcoin Go on a parabolic march To new price zones in the fourth quarter of 2024.
Notably, the $100,000 price tag has remained a psychological target for investors, as it would bring the price of the cryptocurrency down to a six-figure threshold. According to a cryptocurrency analyst known as Peter DeCarlo, Bitcoin looks ready to rise to that level. However, the resistance level must be cleared first.
Bitcoin is poised for a breakout and resistance ahead
Taking to social media platform His analysis is accompanied by the BTC/USD 1W chart, which shows Bitcoin’s performance. Using this chart, he highlighted the significant price breakout that caught the attention of many investors since last week.
The cryptocurrency Bitcoin has seen a recent rise Breakout above the upper downward sloping trend line Which has served as resistance for periods of rising prices since its all-time high of $73,737 in March 2024. Although Bitcoin has broken out of the upper trend line, this is not the first time it has done so in the past few months. However, these breakouts were mostly for a while, with Bitcoin eventually heading lower.
The key observation from DiCarlo was that Bitcoin has been in a bull flag formation since March, a technical setup that is often viewed as a continuation pattern during bull market cycles. “This bull flag has falsified a lot of traders over the past couple of months,” DiCarlo noted. As such, I highlight that the $68,000 price point is the key level to watch.
“However, we need to clear $68,000 before we can confirm this.” He said.
$Bitcoin$ Looks strong to make up to $100k in the coming months.
However, we need to clear $68k before we can confirm this!
This bull flag has fooled a lot of traders over the past couple of months. As long as bx still shows bullish accumulation, we should finally breakout… pic.twitter.com/FhcqvFmWa3
– Peter DiCarlo (@pdicarlotrader) September 28, 2024
Will Bitcoin finally reach $100,000 before the end of 2024?
The $68,000 price level chosen by DiCarlo is crucial in determining how high Bitcoin will go for the rest of the year. At the time of writing, Bitcoin is trading at $65,635 It is only 3.6% away From $68,000. Continued buying momentum could quickly send Bitcoin above this price point mid-week, increasing buying pressure on Bitcoin.
Last October, the price of Bitcoin rose by 28.52%. If history repeats itself in October of this year, it would mean that Bitcoin would close the month at a new all-time high of $85,000. This, in turn, would pave the way for another 17% increase to $100,000 in November and October.
If Bitcoin fails to maintain its upward momentum or encounters resistance, a reversal may occur. In this case, Bitcoin may pull back and reconsider the support around $63,000.
Featured image from Pexels, chart from TradingView