There is a growing belief that Bitcoin is poised for a significant rally that could push it beyond its previous all-time high in the forthcoming weeks. With recent capital inflows into the cryptocurrency and its recent price trends, experts are optimistic that Bitcoin is on the verge of a parabolic rally as it heads into new price levels in the last quarter of 2024.
Significantly, the $100,000 price point has become a psychological milestone for traders since crossing it would elevate the cryptocurrency into six-figure territory. According to crypto analyst Peter DiCarlo, Bitcoin appears to be gearing up for a surge towards this target. However, a resistance level must be surpassed first.
Bitcoin Set for Breakout, Yet Resistance Looms
On the social media platform X, Peter DiCarlo presented a compelling price analysis regarding Bitcoin’s future. He shared the BTC/USD 1W chart, showcasing Bitcoin’s price action. Through this chart, he pinpointed a noteworthy price breakout that has attracted the attention of many investors in recent days.
Bitcoin’s latest gains have allowed it to break above a downward-sloping upper trendline, which has functioned as a resistance during various price surges since its peak of $73,737 in March 2024. Although Bitcoin has successfully surpassed the upper trendline, this is not the first instance in recent months. Nonetheless, prior breakouts have typically resulted in downward trends shortly thereafter.
A crucial observation made by DiCarlo is that Bitcoin has been forming a bull flag pattern since March, a technical pattern that is often interpreted as a continuation signal in bullish market conditions. DiCarlo pointed out that “this bull flag has misled many traders over the last couple of months.” Consequently, he noted that the $68,000 price level is critical to monitor.
“That said, we need to break through $68K to confirm,” he emphasized.
$BTCUSD is looking strong for a potential jump to $100k in the upcoming months.
That said, we need to surpass $68K to confirm!
This bull flag has misled many traders recently. Provided that the bx still indicates bullish accumulation, we should finally see a breakthrough… pic.twitter.com/FhcqvFmWa3
— Peter DiCarlo (@pdicarlotrader) September 28, 2024
Is Bitcoin Destined to Hit $100,000 Before the Year Ends?
The $68,000 price point identified by DiCarlo is vital for evaluating the potential of a Bitcoin surge for the remainder of the year. As of this writing, Bitcoin is valued at $65,635 and is just 3.6% shy of reaching $68,000. Sustained buying activity could propel Bitcoin past this milestone mid-week, intensifying purchasing pressure.
Last October, Bitcoin’s price surged by 28.52%. If history were to repeat itself this October, you’re looking at a potential month-end close at a new all-time high of $85,000. This would enable a further jump of 17% to $100,000 in November and December.
Conversely, if Bitcoin fails to sustain its upward momentum or faces resistance, a pullback could ensue. In such a scenario, Bitcoin may retreat to revisit support levels around $63,000.
Image courtesy of Pexels, chart from TradingView
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