The general consensus is that Bitcoin is preparing for a rally that would take it past its all-time high in the coming weeks. Given the recent influx in cryptocurrency and its recent price performanceanalysts are confident in Bitcoin do a parabolic rally into new pricing territories in the fourth quarter of 2024.
Notably, the $100,000 price tag has remained a psychological target for investors, as it would project the cryptocurrency’s price below a six-figure threshold. According to a crypto analyst known as Peter DiCarlo, Bitcoin appears poised to reach this level. However, a resistance level must first be overcome.
Bitcoin ready for breakout, resistance ahead
On the social media platform X, Peter DiCarlo shared an interesting price analysis on the prospects of Bitcoin. His analysis was accompanied by the BTC/USD 1W chart, which illustrated Bitcoin’s performance. Using this chart, he highlighted a significant price breakout that has caught the attention of many investors since last week.
The recent Bitcoin rally saw the cryptocurrency crossing a downward sloping upper trend line which has acted as resistance during periods of rising prices since its all-time high of $73,737 in March 2024. Although Bitcoin has broken out from the upper trendline, this is not the first time it has done so over the last few months. However, these breakouts have mostly been going on for a while, and Bitcoin is eventually trending lower.
A key observation from DiCarlo is that Bitcoin has been in a bull flag formation since March, a technical setup often seen as a continuation trend during bull market cycles. DiCarlo noted that “this bull flag has fooled A LOT of traders over the last couple of months.” As such, he highlighted that the $68,000 price point is the key level to watch.
“That said, we need to release $68,000 before we confirm,” he said. said.
$BTCUSD looks strong for a run up to $100,000 in the coming months.
That said, we need to clear $68,000 before confirming!
This bull flag has fooled MANY traders over the past couple of months. As long as the bx still shows bullish accumulation, we should finally break… 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 much Bitcoin will rise for the rest of the year. At the time of writing, Bitcoin is trading at $65,635. and is only 3.6% from $68,000. Continued buying momentum could quickly send Bitcoin above this price level by midweek, increasing buying pressure on Bitcoin.
Last October, the price of Bitcoin increased by 28.52%. If history were to repeat itself in October this year, it would mean that Bitcoin would close the month at a new all-time high of $85,000. That would pave the way for an additional 17% increase, reaching $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 pull back and revisit support around $63,000.
Featured image from Pexels, chart from TradingView
