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

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As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I find myself cautiously optimistic about Peter DiCarlo’s analysis on Bitcoin’s potential breakout. Having weathered numerous market cycles and witnessed both spectacular rallies and crushing downturns, I can attest to the unpredictable nature of this space.

It’s widely believed that Bitcoin is preparing for an increase that could surpass its previous record within the next few weeks. This optimism stems from recent investments in cryptocurrency and its current market trends, leading analysts to anticipate a steep upward trend in Bitcoin prices during the last three months of 2024.

Significantly, the $100,000 price point has consistently been a psychological hurdle for investors, as it would push the cryptocurrency’s value into the six-digit range. As per a well-respected crypto analyst named Peter DiCarlo, Bitcoin appears poised for an advance towards this milestone. Nevertheless, a significant resistance level must be overcome 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. 

In simple terms, after a series of upward movements, Bitcoin has surpassed a historical resistance level (a peak trendline) that has often halted its price increases since reaching an all-time high of $73,737 in March 2024. However, it’s worth noting that Bitcoin has broken this trendline before over the past few months, but those breaks have generally been temporary, leading to a subsequent downtrend for Bitcoin.

According to DiCarlo’s analysis, Bitcoin has been following a ‘bull flag formation’ since March, which is typically indicative of a continuing trend in bullish markets. He pointed out that this bull flag has misled many traders over the past few months. Consequently, he emphasized that the significant level to focus on is $68,000.

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

$BTCUSD looking solid for a run up to $100k in the coming months.
That said, we need to clear $68K before we confirm!
Over the last few months, this ‘bull flag’ pattern has deceived many traders due to its prolonged formation. However, if the market behavior (bx) continues displaying signs of bullish accumulation, it’s likely that we will eventually see a break in the trend that aligns with the bullishness.
— Peter DiCarlo (@pdicarlotrader) September 28, 2024

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

DiCarlo’s chosen price level of $68,000 plays a significant role in predicting how high Bitcoin might rise for the remainder of the year. Currently, Bitcoin is being traded at $65,635, which means it’s just 3.6% below this critical price point. If the purchasing momentum continues, Bitcoin could easily surpass $68,000 by midweek, intensifying the demand for Bitcoin further.

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

If historical trends continue, it’s possible that Bitcoin’s price could reach a record high of around $85,000 by the end of October this year. Following that, a potential 17% rise might push its value up to approximately $100,000 in November and potentially beyond.

If Bitcoin doesn’t keep moving upwards or meets obstacles that cause it to slow down, it might reverse direction. Under such circumstances, Bitcoin could potentially pull back and return to the level of $63,000 where it may find support again.

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2024-09-29 22:11