Crypto analyst Jelle has highlighted a bullish sample that has been forming on the Bitcoin chart for the final three years. The analyst steered that it may quickly be time for the sample to play out, with a price target of $100,000 and above in sight if it does.
3-Year Cup And Handle Pattern Could Soon Play Out For Bitcoin
In an X (previously Twitter) post, Jelle said that it shouldn’t be lengthy earlier than the 3-year cup and deal with sample on Bitcoin’s chart begins enjoying out. The analyst steered this might occur as quickly because the fourth quarter of this yr and famous that the sample has a 6-figure vary. The accompanying chart confirmed that Bitcoin could rise above $100,000 and attain as excessive as $140,000.
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Indeed, the fourth quarter of the yr is bullish for the flagship crypto, though it stays to be seen if it might rise above $100,000. Bernstein analysts have predicted that Bitcoin would at the least attain $90,000 if Donald Trump wins the election. Standard Chartered has provided a extra bullish prediction, stating that BTC will get to $150,000 by year-end if Trump wins.
However, no matter the election’s consequence, its aftermath is bullish for the flagship crypto since it could present extra certainty to the market. Historically, Bitcoin additionally enjoys positive monthly returns within the final quarter of each halving yr. In 2016 and 2020, the flagship crypto loved three consecutive months within the inexperienced between October and December.
The Fed rate cuts may start on the subsequent FOMC assembly subsequent week, which might be held between September 17 and 18. This is predicted to spice up buyers’ confidence in investing in threat property like Bitcoin.
Other Reasons BTC Could Rise Above $100,000
Crypto analysts have supplied different the explanation why Bitcoin may rise above $100,000 from a technical evaluation perspective. Titan of Crypto highlighted a Bitcoin bull pennant that’s at the moment forming on the month-to-month timeframe. He predicted this might ship the flagship crypto to as excessive as $158,000 if it performs out.
The crypto analyst had earlier revealed a Golden Cross that had shaped on Bitcoin’s 2-month chart. He famous that this bullish sample has at all times led to an enormous rally for BTC, suggesting that this might occur once more. The chart he shared confirmed that the flagship crypto may attain six figures if this rally have been to happen.
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Crypto analyst SalsaTekila has offered a extra bullish prediction that Bitcoin may rise above $200,000 in this market cycle. He claimed this worth degree appears to be like like a “target for chickens.” The analyst remarked that the market is structurally completely different this time because the spot market appears to be like to dominate. He added that that is finally bullish because the accessible provide diminishes.
At the time of writing, Bitcoin is buying and selling at round $59,900, up over 2% within the final 24 hours, in response to data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
