It seems the mood among analysts is that Bitcoin is about to embark on a strong rally, likely surpassing its previous all-time high in the near future. Recent investments in the cryptocurrency and its price movements have led experts to believe that Bitcoin could see significant increases as we approach the fourth quarter of 2024.
The $100,000 threshold stands as a major psychological goal for investors, indicating a shift into six-figure territory. Peter DiCarlo, a notable crypto analyst, suggests that Bitcoin is preparing to chase this milestone, although it must first break through a certain resistance level.
Bitcoin Set for Potential Breakout, Resistance Ahead
On the social media platform X, Peter DiCarlo shared an insightful analysis regarding Bitcoin’s future. His post included a BTC/USD weekly chart, illustrating Bitcoin’s performance and indicating a notable price breakout that has caught many investors’ eyes since last week.
Recently, Bitcoin has seen a rally, breaking through a downward trend line that has posed resistance during previous price increases since its peak of $73,737 in March 2024. However, this isn’t the first time Bitcoin has broken this line in recent months, as earlier breakouts typically resulted in downward trends.
DiCarlo points out that Bitcoin has formed a bull flag pattern since March, often interpreted as a signal of continuation in a bullish market. He noted that “this bull flag has misled many traders over the past months.” Thus, he emphasized keeping an eye on the $68,000 price level.
“We need to exceed $68K to confirm a strong trend,” he commented.
$BTCUSD appears solid for a rise toward $100k in the coming months.
However, we must breach $68K to confirm this!
This bull flag has misled many traders recently. If buying pressure continues, we should finally see a breakout… pic.twitter.com/FhcqvFmWa3
— Peter DiCarlo (@pdicarlotrader) September 28, 2024
Can Bitcoin Hit $100,000 by the End of 2024?
The $68,000 price mark, as identified by DiCarlo, is pivotal for estimating Bitcoin’s potential climb as the year draws to a close. Currently, Bitcoin trades at $65,635, just 3.6% shy of reaching $68,000. If buying momentum continues, Bitcoin could surpass this mark mid-week, escalating the demand further.
Last October, Bitcoin experienced a 28.52% increase in value. If a similar trend unfolds this October, Bitcoin could close out the month at a record high of $85,000. Following this, an additional rise of 17% could push Bitcoin to $100,000 in November.
Conversely, if Bitcoin struggles to maintain its upward trend or faces resistance, it may revert to a support level around $63,000.
Image source: Pexels, chart data from TradingView
