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

The overall consensus is that Bitcoin is gearing up for a rally that will ship it previous its all-time excessive within the coming weeks. Given the latest inflows into the cryptocurrency and its latest worth efficiency, analysts are assured of Bitcoin occurring a parabolic rally into new worth territories within the fourth quarter of 2024. 

Notably, the $100,000 worth mark has remained a psychological goal for buyers, as it could challenge the worth of the cryptocurrency into six-digit threshold. In accordance with a crypto analyst referred to as Peter DiCarlo, Bitcoin is trying prepared for a run-up to this degree. Nonetheless, a resistance degree must be cleared first. 

Bitcoin Primed For Breakout, Resistance Forward

Taking to social media platform X, Peter DiCarlo shared an attention-grabbing worth evaluation on Bitcoin’s outlook. Accompanying his evaluation was the BTC/USD 1W chart, which illustrated Bitcoin’s efficiency. Utilizing this chart, he highlighted a big worth breakout that has caught the eye of many buyers since final week. 

Bitcoin’s latest rally has seen the cryptocurrency breaking above a downward-sloping higher trendline that has acted as a resistance for durations of worth rallies since its all-time excessive of $73,737 in March 2024. Though Bitcoin has damaged out of the higher trendline, this isn’t the primary time it has performed so prior to now few months. Nonetheless, these breakouts have largely been for some time, with Bitcoin finally trending downwards. 

A key commentary from DiCarlo was that Bitcoin has been in a bull flag formation since March, a technical setup usually seen as a continuation sample throughout bullish market cycles. DiCarlo remarked that “this bull flag has faked a LOT of merchants out over the previous couple of months.” As such, he highlighted that the $68,000 worth level is the important thing degree to observe. 

“That stated, we have to clear $68K earlier than we verify,” he stated.

$BTCUSD trying stable for a run as much as $100k within the coming months.

That stated, we have to clear $68K earlier than we verify!

This bull flag has faked a LOT of merchants out over the previous couple of months. So long as the bx remains to be displaying bullish accumulation, we should always lastly break… pic.twitter.com/FhcqvFmWa3

— Peter DiCarlo (@pdicarlotrader) September 28, 2024

Will Bitcoin Lastly Attain $100,000 Earlier than 2024 Ends?

The $68,000 worth degree picked by DiCarlo is essential in figuring out the extent of a Bitcoin surge for the remainder of the 12 months. On the time of writing, Bitcoin is buying and selling at $65,635 and is just 3.6% away from $68,000. Continued shopping for momentum may rapidly ship Bitcoin above this worth level in the midst of the week, rising the shopping for stress on Bitcoin.

Final October, Bitcoin’s worth elevated by 28.52%. If historical past had been to repeat itself this 12 months’s October, this implies Bitcoin would shut the month at a brand new all-time excessive of $85,000. This, in flip, would set the stage for an additional 17% enhance to $100,000 in November and October.

Ought to Bitcoin fail to keep up its upward momentum or encounter resistance, a reversal may happen. On this case, Bitcoin may retreat and revisit help round $63,000.

Featured picture from Pexels, chart from TradingView