Crypto analyst Jelle has pointed out a bullish trend that has been emerging on the Bitcoin chart for the past three years. The analyst proposed that the pattern may soon come into play, with a price target of $100,000 and possibly higher if this occurs.
Three-Year Cup and Handle Pattern May Soon Activate for Bitcoin
In a post on X (formerly Twitter) Jelle mentioned that the 3-year cup and handle pattern on Bitcoin’s chart is likely to begin unfolding soon. The analyst indicated that this could happen as early as the fourth quarter of this year and noted that the pattern has a six-figure projection. The chart accompanying this statement illustrated that Bitcoin might exceed $100,000 and ascend as high as $140,000.
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Indeed, the fourth quarter typically shows bullish trends for the leading cryptocurrency, but whether it can surpass the $100,000 mark remains uncertain. Analysts at Bernstein have predicted that Bitcoin will at least hit $90,000 if Donald Trump wins the upcoming election. Standard Chartered has issued an even more optimistic forecast, claiming BTC could climb to $150,000 if Trump secures victory.
Regardless of the election outcome, the subsequent market conditions are expected to favor the flagship cryptocurrency as they would contribute to greater market stability. Historically, Bitcoin consistently experiences positive monthly returns during the final quarter of every halving year. In 2016 and 2020, Bitcoin demonstrated three consecutive profitable months from October through December.
The Federal Reserve rate cuts may commence during the forthcoming FOMC meeting scheduled for the 17th and 18th of September. This is anticipated to enhance investors’ confidence in riskier assets like Bitcoin.
Additional Factors That May Propel BTC Past $100,000
Other crypto analysts have cited additional factors suggesting Bitcoin could exceed $100,000 based on technical analysis. Titan of Crypto has called attention to a Bitcoin bull pennant currently forming on the monthly timeframe. He forecasted that this could potentially elevate the leading cryptocurrency to as much as $158,000 if it materializes.
The crypto analyst previously disclosed that a Golden Cross had developed on Bitcoin’s 2-month chart. He pointed out that this bullish formation has historically led to significant rallies for BTC, suggesting it could happen again. The chart he presented indicated that the leading cryptocurrency could achieve six figures if this rally takes place.
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Crypto analyst SalsaTekila has proposed a more optimistic outlook, suggesting that Bitcoin could exceed $200,000 within this market cycle. He described this price point as a “target for chickens.” The analyst noted that the market structure appears different this time, as the spot market seems poised to take precedence, which he views as fundamentally bullish due to dwindling available supply.
As of this writing, Bitcoin is trading around $59,900, reflecting an increase of over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
