Crypto analyst Jelle A bullish pattern has been developing on the Bitcoin chart over the last three-year period. According to the analyst, it might be close for this pattern to come into play. price target of $100,000 Above in sight, if that is the case.
Three-Year Cup and Handle Pattern May Soon Be Played Out for Bitcoin
Twitter is now In An X postJelle said that the cup-and handle pattern of 3 years on Bitcoin’s graph should start playing out soon. This could occur as soon as fourth quarter this year, according to the analyst. He noted that there is a six-figure range for the cup and handle pattern. Bitcoin was shown on the chart. could rise above $100,000 The price can go up to $140,000.
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The fourth quarter is looking good for this flagship cryptocurrency, but it’s still too early to tell if the price can go above $100,000. Bernstein analysts have predicted Bitcoin will at least hit $90,000. This is if Donald Trump won the election. Standard Chartered’s prediction is more optimistic, stating BTC could reach $150,000 if Trump wins.
The election will have a positive impact on the crypto market, regardless of its outcome. It would bring more stability to the markets. Bitcoin has also enjoyed a long history of popularity. positive monthly returns In the final quarter of each halving-year. In both 2016 and 2019, the crypto’s flagship enjoyed three months consecutively in the black between October to December.
You can also find out more about the following: Fed rate cuts Next week’s FOMC meeting, between September 17 and 18, could start the process. Investors are expected to be more confident in buying risky assets, such as Bitcoin.
BTC could rise above $100,000 for other reasons
From a technical perspective, crypto analysts provide other reasons for why Bitcoin may rise over $100,000. Titan of Crypto A Bitcoin bull pennant is currently developing on the monthly timeline. This could push the crypto’s flagship to up to $158,000, if this plays out.
The crypto analyst The aforementioned had previously revealed Golden Cross This pattern had appeared on Bitcoin’s two-month chart. This bullish pattern, he said, has led to massive rallies for BTC in the past. He believes that it could occur again. He shared a chart that showed the flagship cryptocurrency could reach six-figures if this rally occurred.
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SalsaTekila, a crypto analyst has offered Bitcoin’s price could reach $200,000 by the end of this year, according to a bullish prediction. this market cycle. He said that this price level is similar to a “target for chickens.” He noted that this market was structurally different, as it appears the spot market will dominate. The analyst added that the market is in a bullish position as supply decreases.
Bitcoin’s price is currently around $59900. This represents an increase of more than 2% over the last 24-hours, according to data CoinMarketCap.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
