The general consensus is that bitcoin is preparing for a rally that would see it surpass its all-time high in the coming weeks. Given the recent entries in cryptocurrency and bitcoin-news/bitcoin-set-for-biggest-september-gains-in-a-decade-heres-why/” target=”_blank” rel=”noopener nofollow”>its recent price behavioranalysts trust bitcoin bitcoin/analyst-backs-bitcoin-hitting-290000-in-bull-run-heres-why/” target=”_blank” rel=”noopener nofollow”>going to a parabolic rally to new price territories in the fourth quarter of 2024.
In particular, the price of $100,000 remains a psychological target for investors as it would project the price of the cryptocurrency at a six-digit threshold. According to a crypto analyst known as Peter DiCarlo, bitcoin appears ready to reach this level. However, first it is necessary to eliminate a resistance level.
bitcoin primed for breakout, resistance looms
On social media platform x, Peter DiCarlo shared an interesting price analysis on the prospects of bitcoin. Accompanying his analysis was the btc/USD 1W chart, which illustrates bitcoin's performance. Using this chart, he highlighted a major price breakout that has caught the attention of many investors since last week.
bitcoin's recent rally has seen the cryptocurrency bitcoin-news/bitcoin-66000-analyst-warns-fresh-longs-heres-why/” target=”_blank” rel=”noopener nofollow”>breaking above a downward sloping upper trend line that has acted as resistance during periods of price rallies from 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 recent months. However, these breakouts have mostly been going on for a while, and bitcoin has finally trended lower.
A key observation from DiCarlo was that bitcoin has been in a bull flag formation since March, a technical setup that is often seen as a continuation pattern during bull market cycles. DiCarlo commented that “this bull flag has fooled MANY traders over the past few months.” As such, he highlighted that the $68,000 price is the key level to watch.
“That said, we need to clear $68,000 before confirming,” he said. saying.
<blockquote class="twitter-tweet”>
twitter.com/search?q=%24BTCUSD&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$BTCUSD looks solid for a run up to $100k in the coming months.
That said, we need to clear $68,000 before confirming!
This bullish flag has fooled MANY traders over the past few months. As long as the pair continues to show bullish accumulation, we should eventually break… pic.twitter.com/FhcqvFmWa3
—Peter DiCarlo (@pdicarlotrader) twitter.com/pdicarlotrader/status/1840036972200370309?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>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 extent of bitcoin's rise for the rest of the year. At the time of writing, bitcoin is trading at $65,635. and it is only 3.6% away from $68,000. Continued buying momentum could quickly send bitcoin above this price 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 of this year, this would mean that bitcoin would close the month at a new all-time high of $85,000. This, in turn, would set 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 could occur. In this case, bitcoin could pull back and revisit the support around $63,000.
Featured image from Pexels, chart from TradingView
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