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Crypto analyst Jelle has highlighted a bullish pattern that has formed on the Bitcoin chart over the past three years. The analyst suggested that it could soon be time for the pattern to manifest itself, with a price target of $100,000 and above in view if so.
A three-year cup and handle pattern could soon hold for Bitcoin
In an X (formerly Twitter) afterJelle stated that it wouldn’t be long before the three-year cup-and-handle pattern on the Bitcoin chart would play out. The analyst suggested this could happen as early as the fourth quarter of this year, noting the pattern has a six-figure range. The accompanying graph showed that Bitcoin can exceed $100,000 and as high as $140,000.
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The fourth quarter of the year is indeed bullish for the flagship crypto, although it remains to be seen whether it can rise above $100,000. Bernstein analysts have predicted this that Bitcoin would reach at least $90,000 if Donald Trump wins the election. Standard Chartered has made a more bullish 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 aftermath is bullish for the flagship crypto as it would provide more certainty to the market. Historically, Bitcoin also enjoys positive monthly return in the last quarter of each half-year. In 2016 and 2020, the flagship crypto was in the green for three consecutive months between October and December.
The Fed interest rate cuts This could start next week at the next FOMC meeting, which will take place between September 17 and 18. This is expected to increase investor confidence in investing in risky assets such as Bitcoin.
Other reasons why BTC could rise above $100,000
Crypto analysts have offered other reasons why Bitcoin could rise above $100,000 from a technical analysis perspective. Titan of Crypto highlighted a Bitcoin bull pennant currently forming on the monthly time frame. He predicted this could push the flagship crypto as high as $158,000 when it comes out.
The crypto analyst had previously revealed one Golden Cross which had formed on Bitcoin’s two-month chart. He noted that this bullish pattern has always led to a massive rally for BTC, suggesting it could happen again. The chart he shared showed that the flagship crypto could reach six figures if this rally were to happen.
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Crypto analyst SalsaTekila has done just that offered a more bullish prediction that Bitcoin could rise above $200,000 this market cycle. He claimed that this price level resembles a “goose target.” The analyst noted that the market is structurally different this time, as the spot market appears to dominate. He added that this is ultimately bullish as available supply decreases.
At the time of writing, Bitcoin is trading around $59,900, up more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com