Crypto analyst Jelle Has highlighted a bullish chart pattern for Bitcoin, which could propel its price to as high as $85,000. The timeline he provided also included the start date of this possible parabolic rise. It comes in the wake of a bullish forecast for flagship crypto after the Fed rate cuts.
Bitcoin Could Reach $90,000 With Descending Widening Wedge
Then, you can also find out more about the following: X post, Jelle mentioned a descending broadening wedge pattern This pattern had appeared on the Bitcoin chart. The analyst said that this pattern had a target price of $90,000. He added that the breakout price to reach that target should begin in October. Analyst also noted that the fourth-quarter of this year is expected to be a good one. “fun” Bitcoin.
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Based on the history of our country, we can say that this is true. Bitcoin could enjoy significant returns Throughout October, November and December this year. In the fourth-quarter of last year, flagship crypto recorded monthly positive returns. two halving years. Bitcoin’s highest annual returns are always seen in Q4.
In another X postJelle highlighted important price levels Bitcoin has to surpass to achieve a new all-time high (ATH) This $90,000. He said that claiming 62,000 would be a great start for flagship cryptocurrency and once it breaks over $65,000 there won’t be any stopping to the new ATH.
Bitcoin’s ATH is $73,000. This was the price reached earlier in this year, March. Jelle, an analyst at the Bank of Canada has said that this is still below crypto’s peak market price. this bull run. Bitcoin could also rise above $100,000 during this bull market.
Standard Chartered predicts BTC may reach that price this year. This bank also predicts that Bitcoin may reach as much as $150,000 should Donald Trump win the elections.
BTC’s Bull Case Has Just gotten Stronger
Jelle mentioned also that Bitcoin’s bull market grew stronger after the Fed rate reductions. The US Federal Reserve announced A 50 basis points (bps) cut in interest rates on the 18th of September is widely considered to be bullish for this flagship cryptocurrency. According to the crypto analyst, monetary policy will be looser in future.
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More liquidity Bitcoin’s value, which had been flat for quite some time, is likely to surge as investors pour money into these risky assets. due to low demand. After the recent rate reductions, it appears that BTC is also on a positive trend.
Ali Martinez revealed to the media that 61.95 percent of Binance’s top traders have gone long on its flagship cryptocurrency. Prior to now, these traders had a negative outlook. NewsBTC reported The majority of these people were in the short position on Bitcoin.
Bitcoin was trading around $61,900 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