Bitcoin Ready For New All-Time High, But Analyst Says It Needs To Clear This Level First

The general consensus is that Bitcoin is gearing up for a rally that would send it past its all-time high in the coming weeks. Given the recent inflows into the cryptocurrency and its recent price performance, analysts are confident of Bitcoin going on a parabolic rally into new price territories in the fourth quarter of 2024. 

Notably, the $100,000 price mark has remained a psychological target for investors, as it would project the price of the cryptocurrency into six-digit threshold. According to a crypto analyst known as Peter DiCarlo, Bitcoin is looking ready for a run-up to this level. However, a resistance level needs to be cleared first. 

Bitcoin Primed For Breakout, Resistance Ahead

Taking to social media platform X, Peter DiCarlo shared an interesting price analysis on Bitcoin’s outlook. Accompanying his analysis was the BTC/USD 1W chart, which illustrated Bitcoin’s performance. Using this chart, he highlighted a significant price breakout that has caught the attention of many investors since last week. 

Bitcoin’s recent rally has seen the cryptocurrency breaking above a downward-sloping upper trendline that has acted as a resistance for periods of price rallies since its all-time high of $73,737 in March 2024. Although Bitcoin has broken out of the upper trendline, this isn’t the first time it has done so in the past few months. However, these breakouts have mostly been for a while, with Bitcoin eventually trending downwards. 

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 remarked that “this bull flag has faked a LOT of traders out over the past couple of months.” As such, he highlighted that the $68,000 price point is the key level to watch. 

“That said, we need to clear $68K before we confirm,” he said.

Will Bitcoin Finally Reach $100,000 Before 2024 Ends?

The $68,000 price level picked by DiCarlo is crucial in determining the extent of a Bitcoin surge for the rest of the year. At the time of writing, Bitcoin is trading at $65,635 and is only 3.6% away from $68,000. Continued buying momentum could quickly send Bitcoin above this price point in the middle of the week, increasing the buying pressure on Bitcoin.

Last October, Bitcoin’s price increased by 28.52%. If history were to repeat itself this year’s October, this means 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.

Should Bitcoin fail to maintain its upward momentum or encounter resistance, a reversal could occur. In this case, Bitcoin might retreat and revisit support around $63,000.

Featured image from Pexels, chart from TradingView