Crypto analyst Jelle A bullish pattern has been developing on the Bitcoin chart over the last three-year period. Analysts suggested it may be soon time to see the pattern play out. price target of $100,000 If it happens, you can see the sky above.
The 3-Year Pattern for Cups and Handles Could Play out Soon For Bitcoin
Twitter was formerly known as In an X postJelle said that the cup-and handle pattern of 3 years on Bitcoin’s graph should start playing out soon. This could occur as early as the 4th quarter this year, according to the analyst. He also noted that it has a six-figure pattern. Bitcoin was shown on the chart. could rise above $100,000 The price can go up to $140,000.
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The fourth quarter is actually bullish for this flagship cryptocurrency, but it’s still to be determined if the price can go above $100,000. Bernstein analysts have predicted Bitcoin will at least hit $90,000. This is if Donald Trump won the election. Standard Chartered made a bullish prediction that BTC would reach $150,000 by the end of this year if Trump won.
The market would be more confident if the outcome of the elections was positive. Bitcoin is also known to have enjoyed historical success. positive monthly returns In the final quarter of each halving-year. The flagship cryptocurrency enjoyed three months of positive returns between October and Christmas in 2016 and 2020.
You can also find out more about the following: Fed rate cuts The onset of the influx could be at any point. next FOMC meeting next This will occur between the 17th and 18th of September. The event is likely to increase investor confidence and encourage them to invest in high-risk assets such as Bitcoin.
BTC may rise to $100,000 and beyond for other reasons
From a technical perspective, crypto analysts provide other reasons for why Bitcoin may rise over $100,000. Titan of Crypto The bull pennant for Bitcoin is currently appearing on the monthly timeline. If this happens, the main crypto could reach as much as $158,000.
The crypto analyst The aforementioned had previously revealed Golden Cross Bitcoin’s chart for the past two months showed a bullish pattern. This pattern was always followed by a huge rally in BTC. He shared a chart that showed the flagship cryptocurrency could reach six-figures if this rally occurred.
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SalsaTekila is a cryptocurrency analyst. offered Bitcoin’s price could reach $200,000 by the end of this year, according to a bullish prediction. this market cycle. He said that this price level is similar to a “target for chickens.” Analyst noted the structural differences in the market this time, with the dominant market being the spot. The analyst added that the market is in a bullish position as supply decreases.
Bitcoin was trading around $59,000 at the time this article was written, an increase of over 2% within the past 24 hours. data CoinMarketCap.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com