Can Bitcoin (BTC) Hit $100K This Year? Here's What the Charts Say

One of the most enduring sentiments in the cryptocurrency market is speculation about when Bitcoin (BTC) will hit the $100,000 all-time high

Cryptocurrency market sentiments have largely centered on the anticipation of Bitcoin (BTC) reaching the all-time high of $100,000, with speculation now shifting toward the time frame for this milestone.

In a bid to further highlight this possibility, Captain Faibik, a crypto trading expert, has expressed his belief that the leading cryptocurrency is poised to reach this price point.

In a recent August 17 post on TradingView, the analyst noted that Bitcoin is currently in a critical phase that could propel it toward the $100,000 milestone.

Reaching this price point would notably reward Bitcoin investors with nearly 70% gains from BTC’s current price, which hovers around $59,000.

According to Faibik’s analysis, Bitcoin has been forming a Descending Broadening Wedge since March 2024. This technical pattern is usually characterized by decreasing lows and increasing highs, suggesting a potential breakout to the upside.

After the sharp drop on August 5, Bitcoin has been recovering and is currently approaching a crucial resistance zone in the $69,000 to $70,000 range.

The analyst highlighted the importance of this resistance area, noting that a breakout above the $69,000 to $70,000 mark would confirm the wedge’s upside breakout. Once confirmed, Faibik projects a 20-25% bullish rally in the fourth quarter of 2024.

Overall, the expert expressed optimism, forecasting that Bitcoin could achieve the $100,000 mark this year. He asserted that the cryptocurrency is currently in an accumulation phase, typically characterized by sideways market movement and gradual price increases, just before a significant bullish rally.

Bitcoin’s price timeline to $100,000

The analyst further noted that while the market may remain sideways for the next two to three weeks, a massive bullish rally could commence around mid-September. If this rally materializes, it could be the catalyst that pushes Bitcoin toward the $100,000 mark.

“Bitcoin bulls need to clear the $69-70k crucial resistance area to confirm the wedge upside breakout. Once the breakout is confirmed, I’m expecting a 20-25% bullish rally in Q4. 100k is programmed for this year,” the expert noted.

Captain Faibik urged investors to adopt a strategic accumulation approach during this phase.

Drawing parallels to a similar period in August-September 2023, when Bitcoin was trading at $17,000 to $18,000, Faibik highlighted the importance of buying during dips. Back then, Bitcoin surged from $18,000 to $74,000 within a few months, rewarding those who followed his advice.

Amid this price projection, Bitcoin is currently consolidating below the $60,000 mark. Notably, investors are waiting for Bitcoin to breach the resistance, which would validate any short-term bullish momentum.

Bitcoin price analysis

As of press time, Bitcoin was trading at $59,268, having gained over 2% in the last 24 hours. Over the past seven days, BTC has been down by 2.4%.

Overall, bulls remain key to determining whether Bitcoin can exit the current consolidation phase and reclaim the $60,000 level en route to a new all-time high.

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