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.
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.
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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 still has several barriers to clear before having a solid chance of rallying in October. For instance, as reported by Finbold, BTC has notable liquidity to the downside, and the asset needs to clear retail’s long positions before rallying in the coming month.
Indeed, Bitcoin has set its target at $70,000 during a period of influx of stablecoin liquidity and a recovery in the crypto market. In this line, a report by 10x Research indicated that ahead of the Federal Reserve interest rate cut, nearly $10 billion in stablecoins were issued, driving market liquidity up. The high volume is key since stablecoins are usually leveraged to shift positions in the crypto market.
Bitcoin’s cautious outlook
Amid the prevailing bullish sentiment, crypto trading expert Ali Martinez noted in an X post on September 27 that investors should anticipate a possible price correction. The warning is based on Bitcoin’s TD Sequential indicator, which has signaled a sell on the four-hour chart.
Historically, such signals have been associated with price corrections, and traders may expect some downward pressure on Bitcoin in the short term. With Bitcoin trading at the $65,000 mark, the indicators suggest the asset will likely drop further.
Bitcoin was trading at $65,665 at press time, having dropped by about 0.1% in the last 24 hours. On the weekly chart, BTC is up almost 4%.
In summary, while Bitcoin shows strong bullish momentum, it faces significant resistance at the $68,000 level, which is key to hitting $100,000. Despite the positive indicators, caution is warranted as market volatility and potential corrections could disrupt its upward trajectory.
