3-year cup-and-handle pattern promises to send Bitcoin above $100,000

Crypto analyst Jelle has highlighted a bullish sample that has fashioned on the Bitcoin chart over the previous three years. The analyst recommended that it may quickly be time for the sample to present itself, with a price target of $100,000 and above in view if that’s the case.

A 3-year cup and deal with sample may quickly maintain for Bitcoin

In an X (previously Twitter) afterJelle acknowledged that it would not be lengthy earlier than the three-year cup-and-handle sample on the Bitcoin chart would play out. The analyst recommended this might occur as early because the fourth quarter of this yr, noting the sample has a six-figure vary. The accompanying graph confirmed that Bitcoin can exceed $100,000 and as excessive as $140,000.

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The fourth quarter of the yr is certainly bullish for the flagship crypto, though it stays to be seen whether or not it will possibly rise above $100,000. Bernstein analysts have predicted this that Bitcoin would attain at the least $90,000 if Donald Trump wins the election. Commonplace Chartered has made a extra bullish prediction, stating that BTC will attain $150,000 by the top of the yr if Trump wins.

Nonetheless, whatever the final result of the election, its aftermath is bullish for the flagship crypto as it could present extra certainty to the market. Traditionally, Bitcoin additionally enjoys optimistic month-to-month return within the final quarter of every half-year. In 2016 and 2020, the flagship crypto was within the inexperienced for 3 consecutive months between October and December.

The Fed interest rate cuts may start subsequent week on the subsequent FOMC assembly, which can happen between September 17 and 18. That is anticipated to extend investor confidence in investing in dangerous belongings equivalent to Bitcoin.

Different the reason why BTC may rise above $100,000

Crypto analysts have supplied different the reason why Bitcoin may rise above $100,000 from a technical evaluation perspective. Titan of Crypto highlighted a Bitcoin bull pennant at the moment forming on the month-to-month timeframe. He predicted this might push the flagship crypto as excessive as $158,000 when it comes out.

The crypto analyst had beforehand revealed one Golden Cross which had fashioned on Bitcoin’s two-month chart. He famous that this bullish sample has all the time led to an enormous rally for BTC, suggesting it may occur once more. The chart he shared confirmed that the flagship crypto may attain six figures if this rally had been to occur.

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Crypto analyst SalsaTekila has completed simply that offered a extra bullish prediction that Bitcoin may rise above $200,000 this market cycle. He claimed that this worth degree resembles a “goose goal.” The analyst famous that the market is structurally totally different this time, because the spot market seems to dominate. He added that that is in the end bullish as out there provide decreases.

On the time of writing, Bitcoin is buying and selling round $59,900, up greater than 2% previously 24 hours. facts from CoinMarketCap.

Featured picture created with Dall.E, chart from Tradingview.com