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Cryptocurrency Analyst Jelly He highlighted a bullish pattern that has been forming on the Bitcoin chart for the past three years. The analyst suggested that the time may soon be right for the pattern to emerge, with Target price $100,000 And above that on the horizon if so.
3-Year Cup and Handle Pattern May Repeat Soon for Bitcoin
In X (formerly Twitter) mailGilley stated that it won’t be long before the 3-year cup and handle pattern on the Bitcoin chart starts to appear. The analyst suggested that this could happen as soon as the fourth quarter of this year and noted that the pattern has a 6-figure range. The accompanying chart showed that Bitcoin It may rise to more than $100,000. And it reaches 140 thousand dollars.
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In fact, the fourth quarter of the year was bullish for the leading cryptocurrency, although it remains unclear whether it will be able to rise above $100,000. Bernstein analysts expected Standard Chartered Bank has predicted that Bitcoin will hit at least $90,000 if Donald Trump wins the election. Standard Chartered has made a more optimistic prediction, saying that Bitcoin will hit $150,000 by the end of the year if Trump wins.
However, regardless of the outcome of the election, its consequences are positive for the leading cryptocurrency as it will provide more certainty to the market. Historically, Bitcoin has also Positive monthly returns In the last quarter of each semi-annual year. In 2016 and 2020, the leading cryptocurrency enjoyed three consecutive months in the green between October and December.
the Fed Rate Cuts The US interest rate hike may start at the Federal Open Market Committee meeting next week, which will be held between September 17 and 18. This is expected to boost investor confidence in investing in risky assets such as Bitcoin.
Other reasons why Bitcoin could rise above $100,000
Cryptocurrency analysts have offered other reasons why Bitcoin could surge above $100,000 from a technical analysis perspective. Crypto Giant He highlighted the Bitcoin bull flag currently forming on the monthly timeframe. He predicted that this would send the leading cryptocurrency as high as $158,000 if it happens.
Cryptographer It was previously revealed that golden cross He noted that this bullish pattern has always led to massive Bitcoin gains, suggesting that this could happen again. The chart he shared showed that the leading cryptocurrency could reach six figures if this rally occurs.
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Cryptocurrency analyst Salsa Tequila has On display A more optimistic forecast is that Bitcoin could rise above $200,000 in This market cycleHe claimed that this price level looks like a “chicken target.” The analyst noted that the market is structurally different this time around as the spot market appears to be dominating. He added that this is ultimately bullish as available supply decreases.
At the time of writing, Bitcoin is trading at around $59,900, up over 2% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com