The general consensus is that Bitcoin is poised to surge past an all-time high in the coming weeks. Given the recent inflows in cryptocurrency and its recent price performanceanalysts are confident in Bitcoin going to a parabolic rally to novel price areas in the fourth quarter of 2024.

It is worth noting that the $100,000 price remains a psychological target for investors as it would represent a six-figure price threshold for the cryptocurrency. According to a cryptocurrency analyst known as Peter DiCarlo, Bitcoin looks ready to reach this level. But first you need to overcome the resistance level.

Bitcoin prepared to break, resistance ahead

On social media platform X, Peter DiCarlo shared an compelling price analysis on Bitcoin’s prospects. His analysis included a BTC/USD 1W chart that illustrated Bitcoin’s behavior. Using this chart, he highlighted the significant price break that has caught the attention of many investors since last week.

Bitcoin’s recent surge has seen the cryptocurrency break above the falling upper trend line which has acted as resistance during periods of price increases since the all-time high of $73,737 in March 2024. While Bitcoin has broken out from the upper trendline, this is not the first time it has done so in the past few months. However, these breakouts mostly lasted for a while, with Bitcoin eventually trending lower.

DiCarlo’s key observation was that Bitcoin had been in a bull formation since March, which is a technical setup often seen as a continuation pattern during bullish market cycles. DiCarlo noted that “this bull flag has fooled A LOT of traders over the last few months.” In this regard, he emphasized that the key level to watch is the price of $68,000.

“That said, we need to raise 68,000 before we can confirm. dollars,” he added he said.

$BTCUSD looks solid for up to PLN 100,000. dollars in the coming months.

That said, we need to raise $68,000 before we can confirm. dollars!

This bull flag has fooled A LOT of traders over the last few months. As long as bx continues to show bullish accumulation, we should eventually break… pic.twitter.com/FhcqvFmWa3

— Peter DiCarlo (@pdicarlotrader) September 28, 2024

Will Bitcoin finally hit $100,000 before the end of 2024?

The $68,000 price level chosen by DiCarlo is crucial in determining the extent of Bitcoin’s growth for the rest of the year. At the time of writing, Bitcoin is trading at $65,635 and is only 3.6%. from $68,000. Continued buying momentum could quickly push Bitcoin above this midweek price level, increasing buying pressure on Bitcoin.

Last October, the price of Bitcoin increased by 28.52%. If history were to repeat itself in October this year, it would mean that Bitcoin would close the month at a novel record high of $85,000. This, in turn, would set the stage for a further 17% escalate to $100,000 in November and October.

If Bitcoin fails to maintain upward momentum or encounters resistance, a reversal could occur. In this case, Bitcoin may pull back and return to support near $63,000.

Featured image from Pexels, chart from TradingView