3-Year Cup-And-Handle Pattern Promises To Send Bitcoin Above $100,000
15 Settembre 2024 - 4:30AM
NEWSBTC
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. Related Reading: Solana Liquid Staking Could Touch
$18 Billion – Will It Benefit These Altcoins? 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. Related Reading: Cardano Price Prediction: The
Roadmap To New All-Time Highs 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. Featured image created with Dall.E,
chart from Tradingview.com
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