As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving market, I find Jelle’s analysis of the 3-year cup and handle pattern particularly intriguing. The potential for Bitcoin to breach the $100,000 mark is not just enticing but also plausible, considering the historical bullishness of the fourth quarter in a halving year.
Crypto expert Jelle has pointed out a bullish trend emerging on the Bitcoin graph over the past three years. He believes that this trend may reach its conclusion soon, potentially leading to a price prediction of $100,000 or more if it materializes.
3-Year Cup And Handle Pattern Could Soon Play Out For Bitcoin
On his latest post (previously Twitter), Jelle expressed his belief that the three-year cup and handle pattern on Bitcoin’s graph may become active shortly, possibly even by the end of this year. He emphasized that this pattern has a potential range in six figures, which could mean Bitcoin might soar above $100,000 and potentially reach $140,000 according to the chart provided.
As a crypto investor, I’m excited about the prospects for the final quarter of this year. The flagship crypto seems poised for a bull run, but whether it can break through the $100,000 barrier remains to be seen. Interestingly, Bernstein analysts foresee Bitcoin reaching at least $90,000 if Donald Trump wins the election. On the other hand, Standard Chartered analysts are even more optimistic, predicting that BTC could hit $150,000 by the end of the year under a Trump presidency.
Regardless of who wins the election, it appears that the leading cryptocurrency will benefit from a sense of market stability due to increased certainty. Historically, Bitcoin has seen positive monthly gains during the final quarter of each halving cycle. In 2016 and 2020 specifically, there were three consecutive months where Bitcoin saw growth 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
Cryptocurrency experts have offered additional explanations as to why Bitcoin might surpass $100,000 based on technical analysis. A prominent figure in the world of Crypto pointed out a Bitcoin bull pennant that is taking shape on the monthly chart. If this pattern materializes, it could propel the leading cryptocurrency up to an impressive $158,000.
Previously, our cryptocurrency expert highlighted a Golden Cross on Bitcoin’s two-month graph, a pattern historically associated with significant price surges for BTC. He implied that another such increase might be imminent based on this bullish signal. The chart he presented indicated that Bitcoin could potentially reach six-digit figures if this anticipated rise were to materialize.
Crypto expert SalsaTekila anticipates Bitcoin could surpass $200,000 during this market phase, likening it to a “goal for chickens.” The analyst emphasizes that the current market setup is distinct because the spot market appears to be taking the lead. He further explains that this trend is generally positive since the supply decreases as time goes on.
Currently, as I’m typing this, the price of Bitcoin is approximately $59,900, representing a rise of more than 2% during the past day, based on information from CoinMarketCap.
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2024-09-15 05:46