Bitcoin Primed For Breakout, Resistance Ahead

The general consensus is that Bitcoin is gearing up for a rally that would send it past its all-time high in the coming weeks.

Bitcoin (BTC) price has been rallying over the past couple of weeks, breaking out of a downward-sloping upper trendline that has acted as a resistance for periods of price rallies since BTC’s all-time high of $73,737 in March 2024.

Bitcoin has broken out of the upper trendline a couple of times in the past few months, but these breakouts have mostly been short-lived, with Bitcoin eventually trending downwards again. However, one crypto analyst is now remaining optimistic about BTC’s price outlook, stating that Bitcoin has been forming a bull flag since March, a technical setup that is often seen as a continuation pattern during bullish market cycles.

Bitcoin Price Gearing Up For $100K Rally, Resistance Ahead –Analyst Expects BTC Breakout To Continue Rallying Higher In Coming Weeks

After rallying past $65,000 earlier this week, Bitcoin price has stalled slightly around the $65,500-$66,000 range. This comes as traders are now eyeing a crucial resistance level that could determine the extent of BTC’s price rally for the rest of the year.

One crypto analyst known as Peter DiCarlo recently shared his analysis on Bitcoin’s price outlook, stating that the $68,000 price point is the key level to watch for BTC. In a tweet on Monday, DiCarlo shared a BTC/USD 1W chart, highlighting a significant price breakout that has caught the attention of many investors since last week.

“$BTCUSD looking solid for a run up to $100k in the coming months,” he wrote. “That said, we need to clear $68K before we confirm.”

DiCarlo also highlighted how Bitcoin has been observed to be trading within a bull flag formation since March, which is a technical setup that is often seen as a continuation pattern during bullish market cycles.

“This bull flag has faked a LOT of traders out over the past couple of months,” the analyst added. “As long as the bx is still showing bullish accumulation, we should finally break.”

Bitcoin price began rallying within a bull flag formation after bottoming out around $43,000 in February 2024, following a massive sell-off that saw BTC price drop from highs around $73,737 in March 2024.

Bitcoin price finally set to reach $100,000 before 2024 ends?

As Bitcoin price rallies within the bull flag, another resistance level that has been keeping traders on their toes is the $68,000 price level, which DiCarlo highlighted in his analysis. At the time of writing, BTC price trades at $65,635, which is only about 3.6% away from $68,000.

If Bitcoin price manages to rally past the $68,000 price point in the middle of the week, this could add fuel to the buying momentum that is already pushing BTC higher.

In the latter part of October last year, Bitcoin price rallied by an impressive 28.52%. If we were to see a similar price performance this year, this would put BTC price at a new all-time high of $85,000 by the end of October.

This, in turn, would set the stage for a further 17% increase to $100,000 in November and October. Should Bitcoin fail to maintain its upward momentum or encounter resistance, we could see a reversal, with BTC price pivoting and revisiting support around $63,000.