The general consensus is that Bitcoin is gearing up for a rally past all-time highs in the coming weeks. Considering the recent inflow situation introduced into cryptocurrencies, Recent price performanceanalysts are confident in Bitcoin have a parabola rally We will move into a new price area in the fourth quarter of 2024.
In particular, the $100,000 price mark remains a psychological target for investors as the cryptocurrency's price is predicted to reach the six-digit threshold. According to a crypto analyst known as Peter DiCarlo, Bitcoin seems poised to rise to this level. However, the resistance level must be cleared first.
Bitcoin Ready for Breakout, Resistance Leads
Peter DiCarlo shared some interesting price analysis on the outlook for Bitcoin on social media platform X. His analysis was accompanied by a BTC/USD 1W chart showing Bitcoin's performance. He used this chart to highlight a significant price breakout that has captured the attention of many investors since last week.
Bitcoin's recent rise has made the virtual currency Breaks above the downward trend line This has acted as a resistance line during periods of price appreciation since its all-time high of $73,737 in March 2024. Bitcoin has broken out of the upper trend line, but this is not the first time in the past few months. However, these breakouts are mostly short-lived and Bitcoin will eventually trend lower.
DiCarlo's key observation was that Bitcoin has been in a bull market since March, and this technical setup is often seen as a continuation pattern of bull market cycles. “This bullish flag has fooled many traders over the past few months,” DiCarlo said. As such, he emphasized that the $68,000 price point is an important level to watch.
“However, I need to clear $68,000 before I can confirm,” he says. said.
$BTCUSD The chance of reaching up to $100,000 within the next few months looks solid.
However, you need to clear $68,000 before confirming.
This bullish flag has fooled many traders over the past few months. As long as bx is still showing bullish accumulation, it should eventually break out… pic.twitter.com/FhcqvFmWa3
— Peter DiCarlo (@pdicarlotrader) September 28, 2024
Will Bitcoin finally reach $100,000 by the end of 2024?
The $68,000 price level chosen by DiCarlo will be crucial in determining the extent of Bitcoin's rally for the remainder of this year. As of this writing, Bitcoin is trading at $65,635 Only 3.6% away From $68,000. If the buying momentum continues, Bitcoin could rise above this price point as soon as mid-week, increasing buying pressure on Bitcoin.
In October last year, the price of Bitcoin increased by 28.52%. If history repeats itself this October, Bitcoin will end the month at an all-time high of $85,000. This sets 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 may occur. In this case, Bitcoin could pull back and revisit the support near $63,000.
Featured images from Pexels, charts from TradingView
