15 September 2024
Crypto analyst Jelle has highlighted a bullish pattern that has been forming on the Bitcoin chart for the last three years. The analyst suggested that it could soon be time for the pattern 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 (formerly Twitter) post, Jelle stated that it shouldn’t be long before the 3-year cup and handle pattern on Bitcoin’s chart starts playing out. The analyst suggested 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 could rise above $100,000 and reach as high as $140,000.
Indeed, the fourth quarter of the year is bullish for the flagship crypto, although it remains to be seen if it can rise above $100,000. Bernstein analysts have predicted that Bitcoin would at least reach $90,000 if Donald Trump wins the election. Standard Chartered has offered a more bullish prediction, stating that BTC will get to $150,000 by year-end if Trump wins.
However, irrespective of the election’s outcome, its aftermath is bullish for the flagship crypto since it would provide more certainty to the market. Historically, Bitcoin also enjoys positive monthly returns in the last quarter of every halving year. In 2016 and 2020, the flagship crypto enjoyed three consecutive months in the green between October and December.
The Fed rate cuts could begin at the next FOMC meeting next week, which will be held between September 17 and 18. This is expected to boost investors’ confidence in investing in risk assets like Bitcoin.
Other Reasons BTC Could Rise Above $100,000
Crypto analysts have provided other reasons why Bitcoin could rise above $100,000 from a technical analysis perspective. Titan of Crypto highlighted a Bitcoin bull pennant that is currently forming on the monthly timeframe. He predicted this could send the flagship crypto to as high as $158,000 if it plays out.
The crypto analyst had earlier 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 rally for BTC, suggesting that this could happen again. The chart he shared showed that the flagship crypto could reach six figures if this rally were to occur.
Crypto analyst SalsaTekila has offered a more bullish prediction that Bitcoin could rise above $200,000 in this market cycle. He claimed this price level looks like a “target for chickens.” The analyst remarked that the market is structurally different this time as the spot market looks to dominate. He added that this is ultimately bullish as the available supply diminishes.
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.