Crypto Analyst Jelle has a bullish pattern that has been prominent on Bitcoin’s chart for the past three years. The analyst suggested that it could soon be time for the pattern to come to fruition, with a target price of $100,000 and above in sight if that happens.
3-Year Cup and Handle Pattern Could Soon Work for Bitcoin
In an X (old Twitter) publishJelle stated that it shouldn’t be long before the 3-year cup and control pattern on the Bitcoin chart starts to play out. The analyst suggested that this could happen as early as Q4 of this year and noted that the pattern has a 6-digit range. The following chart showed that Bitcoin may rise above $100,000 and reach US$140,000.
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In fact, the fourth quarter of the year is bullish for the leading cryptocurrency, although it remains to be seen whether it can rise above $100,000. Bernstein analysts predicted that Bitcoin would reach at least $90,000 if Donald Trump wins the election. Standard Chartered offered a more optimistic prediction, stating that BTC will reach $150,000 by the end of the year if Trump wins.
However, regardless of the outcome of the election, its outcome is bullish for the leading cryptocurrency as it would provide more certainty to the market. Historically, Bitcoin has also enjoyed positive monthly returns in the last quarter of each halving year. In 2016 and 2020, the leading cryptocurrency enjoyed three consecutive months in the green, between October and December.
THE Fed Rate Cuts could begin at the next FOMC meeting next week, which will be held between September 17 and 18. This is expected to increase investor confidence in investing in risk assets like Bitcoin.
Other Reasons Why BTC Could Rise Above $100,000
Crypto analysts have provided other reasons why Bitcoin could rise above $100,000 from a technical analysis perspective. Crypto Titan a Bitcoin pennant that is currently in the spotlight forming on the monthly timeframe. He predicted that this could take the top crypto as high as $158,000 if it happens.
The Crypto Analyst had already revealed a Golden Cross that formed on Bitcoin’s 2-month chart. He noted that this bullish pattern has always led to a massive BTC rally, suggesting that it could happen again. The chart he shared showed that the flagship crypto could hit six figures if such a rally were to occur.
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Crypto analyst SalsaTekila has offered a more optimistic prediction that Bitcoin could rise above $200,000 in this market cycle. He stated that this price level looks like a “target for chickens.” The analyst noted that the market is structurally different this time around, as the spot market seems to dominate. He added that this is ultimately bullish, as available supply dwindles.
At the time of writing, Bitcoin was trading around $59,900, up more than 2% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com