The general consensus is that Bitcoin is preparing for a rally that will send it past its peak in the coming weeks. Given the recent entry in cryptocurrency as well its recent price performanceanalysts are bullish on Bitcoin to the parabolic assembly in new price areas in the fourth quarter of 2024.
Notably, the $100,000 price mark remains a psychological target for investors, as it will bring the price of the cryptocurrency to the six-digit threshold. According to a crypto analyst known as Peter DiCarlo, Bitcoin looks poised to advance to this level. However, the level of resistance needs to be cleared first.
Bitcoin Primed For Breakout, Resistance Ahead
Taking to social media X, Peter DiCarlo shared an interesting price analysis from a Bitcoin perspective. Accompanying his analysis was the BTC/USD 1W chart, which showed the performance of Bitcoin. Using this chart, he highlighted the important price divergence that has caught the attention of many investors since last week.
The recent rally of Bitcoin has seen the cryptocurrency breaking the upper descending trend line which has served as resistance during periods of price campaigns 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 it has done so in the past few months. However, this rally is long overdue, and Bitcoin is finally trending down.
A key observation from DiCarlo was that Bitcoin has been in a bull flag formation since March, a technical setup often seen as a continuation pattern during bullish market cycles. DiCarlo noted that “this bull flag has fooled many traders over the past few months.” Therefore, he emphasized that the $68,000 price point is an important level to watch.
“That being said, we need to clear $68K before we can confirm,” he said said.
$BTCUSD looks strong for a run up to $100k in the coming months.
That said, we need to clear $68K before we can confirm!
This bull flag has fooled many traders over the past few months. As long as the bx is still showing a bullish rally, 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 the rate of Bitcoin’s rise for the rest of the year. At the time of writing, Bitcoin is trading at $65,635 and 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 increased by 28.52%. If history were to repeat itself in October of this year, this means that Bitcoin will close the month at a high of $85,000. This, in turn, will set the stage for a further increase of 17% to $100,000 in November and October.
If Bitcoin fails to maintain its high momentum or meets resistance, a reversal is likely. In this case, Bitcoin may pull back and revisit support around $63,000.
Featured image from Pexels, chart from TradingView