Bitcoin price must clear this level before a ‘solid run up to $100,000’
The post Bitcoin price must clear this level before a ‘solid run up to $100,000’ appeared on BitcoinEthereumNews.com.
After Bitcoin (BTC) claimed its all-time high of above $73,000 in early 2024, most investors have set their target on the $100,000 mark as the next record valuation for the maiden cryptocurrency. Now, a trading expert has come forward, offering a blueprint to push Bitcoin toward this milestone. In particular, the expert, Peter DiCarlo, noted that Bitcoin looks solid to reach $100,000 but needs to breach the $68,000 resistance level to confirm the path to a new record high, he said in an X post on September 28. Bitcoin price analysis chart. Source: TradingView/Peter DiCarlo DiCarlo observed that Bitcoin is currently in a bull flag formation, a classic indicator of bullish momentum, but warned that this pattern has “faked a lot of traders out” in recent months. He noted that the key to breaking through lies in the “bx” indicator, representing a bullish accumulation zone. This bx zone below $68,000 suggests that institutional investors have steadily accumulated Bitcoin. DiCarlo believes Bitcoin is primed for a breakout as long as this bullish accumulation continues. “BTCUSD looking solid for a run up to $100k in the coming months. That said, we need to clear $68K before we confirm! This bull flag has faked a LOT of traders out over the past couple of months,” he said. Bitcoin’s key fundamentals Additionally, the analysis highlighted an accumulation zone around $52,000, where institutional buying has been particularly strong. This accumulation provides a solid foundation for Bitcoin’s potential to move higher. As things stand, Bitcoin could build on the current bullish momentum to reclaim the $68,000 mark as the asset prepares for one of the strongest finishes to September. To this end, investors are looking to the ‘Uptober’ phenomenon, where the maiden cryptocurrency tends to surge in October. However, this momentum is not guaranteed, as Bitcoin…
Filed under: News - @ September 28, 2024 6:19 pm