Bitcoin Ready For New All-Time High, But Analyst Says It Needs To Clear This Level First
The general consensus among cryptocurrency analysts is that Bitcoin is gearing up for a significant rally that could propel it past its all-time high in the coming weeks. Recent inflows into the cryptocurrency market and Bitcoin’s impressive price performance have bolstered confidence among experts that Bitcoin is on the verge of a parabolic rally into new price territories in the fourth quarter of 2024.
The Psychological $100,000 Target
The $100,000 price mark has remained a psychological target for Bitcoin investors. Reaching this six-digit threshold would be a monumental milestone for the cryptocurrency. According to well-known crypto analyst Peter DiCarlo, Bitcoin appears primed for a run-up to this level. However, a critical resistance level must be cleared first.
Bitcoin Primed For Breakout, Resistance Ahead
Peter DiCarlo took to the social media platform X to share an intriguing price analysis on Bitcoin’s outlook. Accompanying his analysis was the BTC/USD 1W chart, which illustrated Bitcoin’s performance. Using this chart, he highlighted a significant price breakout that has garnered considerable attention from investors since last week.
Bitcoin’s recent rally has seen the cryptocurrency breaking above a downward-sloping upper trendline that has historically acted as resistance during price rallies since its all-time high of $73,737 in March 2024. While Bitcoin has broken out of this upper trendline before, these breakouts have often been short-lived, with Bitcoin eventually trending downwards.
DiCarlo observed that Bitcoin has been forming a bull flag pattern since March, a technical setup often seen as a continuation pattern during bullish market cycles. He noted, “this bull flag has faked a LOT of traders out over the past couple of months.” He emphasized that the $68,000 price point is a critical level to watch for confirmation of a sustained breakout.
“That said, we need to clear $68K before we confirm,” DiCarlo stated.
$BTCUSD looking solid for a run up to $100k in the coming months. That said, we need to clear $68K before we confirm! This bull flag has faked a LOT of traders out over the past couple of months. As long as the bx is still showing bullish accumulation, we should finally break…
— Peter DiCarlo (@pdicarlotrader) September 28, 2024
Will Bitcoin Finally Reach $100,000 Before 2024 Ends?
The $68,000 price level identified by DiCarlo is crucial in determining the extent of Bitcoin’s potential surge for the remainder of the year. As of the current writing, Bitcoin is trading at $65,635, just 3.6% shy of the $68,000 mark. Continued buying momentum could swiftly push Bitcoin above this price point within the week, thereby increasing buying pressure.
In October of the previous year, Bitcoin’s price surged by 28.52%. If a similar performance is replicated this October, Bitcoin could close the month at a new all-time high of $85,000. This would set the stage for an additional 17% increase, potentially reaching $100,000 in November and December.
However, if Bitcoin fails to maintain its upward momentum or encounters significant resistance, a reversal could occur. In such a scenario, Bitcoin might retreat to revisit support levels around $63,000.
As investors eagerly watch the market, the coming weeks will be crucial for Bitcoin’s price trajectory. Whether Bitcoin will break past the psychological $100,000 mark remains to be seen, but the anticipation and excitement in the market are palpable.
