Bitcoin Nearing All-Time High, But Analyst Says It Must Clear This Level First
Bitcoin is expected to soar beyond its all-time high in the next weeks. Given Bitcoin's recent inflows and price performance, experts expect a parabolic rise into new price zones in the fourth quarter of 2024.
Investors have kept $100,000 as a psychological objective because it would push the bitcoin price into six figures. Peter DiCarlo, a crypto specialist, thinks Bitcoin might reach this level. However, resistance must be removed first.
Bitcoin Ready for Breakout, Resistance Ahead
Peter DiCarlo posted an intriguing Bitcoin price study on X. His research included the BTC/USD 1W chart of Bitcoin's performance. He highlighted a major price breakthrough that had investors' attention since last week using this chart.
Bitcoin exceeded a downward-sloping upper trendline that has held back price increases since its March 2024 all-time high of $73,737. Bitcoin has broken out of the top trendline many times in recent months. The breakouts have generally lasted a long, with Bitcoin finally falling.
DiCarlo noted that Bitcoin has been in a bull flag formation since March, a continuation pattern in positive markets. DiCarlo said âthis bull flag has faked a LOT of traders out over the past couple of months.â He said $68,000 is the critical figure to monitor.
Will Bitcoin reach $100,000 by 2024?
The remainder of the year's Bitcoin climb depends on DiCarlo's $68,000 price threshold. Bitcoin is now priced at $65,635â3.6% away from $68,000. Continued purchasing momentum might push Bitcoin over this price target midweek, adding buying pressure.
Bitcoin rose 28.52% in October. If history repeats itself in October, Bitcoin will reach $85,000, a new record. This would set up a 17% rise to $100,000 in November and October.
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