Cryptocurrency Analyst Jelle has highlighted a bullish pattern that has been forming on the Bitcoin chart for the past three years. The analyst suggested that it could soon be time for the pattern to play out, with a Target price of $100,000 and up in sight if it does.
The 3-year cup and handle pattern could soon repeat itself in Bitcoin
In an X (formerly Twitter) mailJelle claimed that it shouldn’t be long before the 3-year cup and handle 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-figure range. The accompanying chart showed that Bitcoin It could exceed $100,000 and reach up to $140,000.
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In fact, the fourth quarter of the year is bullish for the flagship cryptocurrency, although it remains to be seen whether it can break above $100,000. Bernstein analysts have forecast Bitcoin would hit at least $90,000 if Donald Trump wins the election. Standard Chartered has offered a more optimistic prediction, stating that BTC will hit $150,000 by the end of the year if Trump wins.
However, regardless of the outcome of the election, its implications are bullish for the flagship cryptocurrency as it would provide more certainty to the market. Historically, Bitcoin also enjoys positive monthly returns in the final quarter of each halving year. In 2016 and 2020, the flagship cryptocurrency enjoyed three consecutive months in the green between October and December.
He Fed rate cuts This could start at the next FOMC meeting next week, which is scheduled to take place between September 17 and 18. This is expected to boost investor confidence when it comes to investing in risky assets like Bitcoin.
Other reasons why BTC price could surpass $100,000
Cryptocurrency analysts have provided other reasons why Bitcoin could surpass $100,000 from a technical analysis perspective. Cryptocurrency titan He highlighted a Bitcoin bullish pennant that is currently forming on the monthly time frame. He predicted that this could send the flagship cryptocurrency to a high of $158,000 if it comes to fruition.
The cryptocurrency analyst had previously revealed a Golden cross that had formed on Bitcoin’s 2-month chart. He noted that this bullish pattern has always led to a massive BTC rally, suggesting that this could happen again. The chart he shared showed that the flagship cryptocurrency could hit six figures if this rally were to occur.
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Cryptocurrency analyst SalsaTekila has Offered A more optimistic prediction that Bitcoin could surpass $200,000 in This market cycleHe said this price level looks like a “target for chickens.” The analyst commented 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 is dwindling.
At the time of writing, Bitcoin is 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
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