Crypto Analyst Jelle has a bullish pattern on Bitcoin’s chart, which he predicts could take its price as high as $90,000. He also provided a timeline for when this parabolic rally could begin. This comes amid a bullish outlook for the leading cryptocurrency following the Fed Rate Cuts.
Descending Broadening Wedge Could Take Bitcoin to $90,000
In a X postJelle mentioned one descending broadening wedge pattern that has formed on the Bitcoin chart. He stated that the pattern has a price target of $90,000 and added that he expects the price breakout to that target to begin in October. The analyst also commented that the fourth quarter of this year should be “fun” for Bitcoin.
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In fact, based on history, Bitcoin Could Enjoy Significant Returns during October, November and December this year. The leading crypto posted positive monthly returns in the fourth quarter of last two years in half. Furthermore, Q4 always produces the highest returns of the year for Bitcoin.
Meanwhile, in another X postJelle highlighted the key price levels that Bitcoin needs to overcome to reach a new all-time high (ATH) and that price target of $90,000. He noted that claiming $62,000 will be a good start for the leading cryptocurrency and that once the price breaks $65,000, there will be no stopping the train to a new ATH.
Bitcoin’s current ATH is at $73,000, a price level reached in March earlier this year. However, analysts like Jelle have continued to suggest that it is still far below the crypto’s market peak in this bull run. There is also a possibility that Bitcoin could rise above $100,000 in this bull run.
Standard Chartered predicts that BTC could reach that price level this year. The bank also predicted that Bitcoin could rise to $150,000 if Donald Trump wins the election.
BTC rally just got stronger
Jelle also mentioned that Bitcoin’s rally got stronger after the Fed’s rate cuts. The US Federal Reserve announced a 50 basis point (bps) interest rate cut on September 18, a move widely considered bullish for the leading cryptocurrency. The crypto analyst mentioned that expansionary policy is on the horizon, with a more flexible monetary policy return.
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More liquidity is expected to flow into risk assets like Bitcoin, triggering a surge in the price of the crypto, which has remained stagnant for a while due to low demand. The bulls also appear to be back after the rate cuts, which could signal a bullish reversal for BTC.
Crypto analyst Ali Martinez recently revealed that 61.95% of top traders on Binance are going long on the leading cryptocurrency. Up until now, there has been a bearish sentiment among these traders as NewsBTC reported that 51.41% of them were selling Bitcoin.
At the time of writing, Bitcoin was trading around $61,900, up more than 2% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
