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Crypto analyst Jelle has recently drawn attention to a bullish pattern that has been forming on the Bitcoin chart for the past three years. The analyst suggests that it might soon be time for this pattern to play out, with a price target of $100,000 and beyond in sight if it does.
3-Year Cup And Handle Pattern Could Soon Play Out For Bitcoin
In a recent post on X (formerly Twitter), Jelle indicated that it might not be long before the 3-year cup and handle pattern on Bitcoin’s chart begins to materialize. The analyst believes this could happen as soon as the fourth quarter of this year, noting that the pattern has a 6-figure price range. The accompanying chart illustrated that Bitcoin could rise above $100,000 and potentially reach up to $140,000.
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Historically, the fourth quarter has been bullish for Bitcoin, although it remains uncertain if it can surpass the $100,000 mark this year. Bernstein analysts have predicted that Bitcoin could reach at least $90,000 if Donald Trump wins the election. On a more bullish note, Standard Chartered has projected that BTC could hit $150,000 by year-end if Trump wins.
Regardless of the election’s outcome, its aftermath is expected to be bullish for Bitcoin as it would provide more certainty to the market. Historically, Bitcoin has enjoyed positive monthly returns in the last quarter of every halving year. In 2016 and 2020, Bitcoin experienced three consecutive green months from October to December.
The Federal Reserve’s potential rate cuts, which could begin at the next FOMC meeting scheduled for September 17-18, are likely to boost investor confidence in risk assets like Bitcoin.
Other Reasons BTC Could Rise Above $100,000
Crypto analysts have provided additional reasons why Bitcoin could surge past $100,000 from a technical analysis perspective. Titan of Crypto highlighted a Bitcoin bull pennant forming on the monthly timeframe, predicting that this could propel Bitcoin to as high as $158,000 if it plays out.
In a previous analysis, Titan of Crypto revealed a Golden Cross on Bitcoin’s 2-month chart. This bullish pattern has historically led to massive rallies for BTC, suggesting that a similar outcome could occur this time. The shared chart indicated that Bitcoin could reach six figures if this rally happens.
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Another crypto analyst, SalsaTekila, has offered a more optimistic prediction, suggesting that Bitcoin could exceed $200,000 in this market cycle. He described this price target as a “target for chickens,” emphasizing that the market structure is different this time, with the spot market taking the lead. According to him, this dynamic is ultimately bullish as the available supply diminishes.
As of the time of writing, Bitcoin is trading at approximately $59,900, reflecting a 2% increase in the last 24 hours, according to CoinMarketCap data.
Conclusion
The insights from various crypto analysts indicate a potentially bullish future for Bitcoin. With patterns such as the 3-year cup and handle, Golden Cross, and bull pennant forming on the charts, there is a strong possibility that Bitcoin could reach new all-time highs. Furthermore, the upcoming Federal Reserve rate cuts and the aftermath of the U.S. election could serve as significant catalysts for Bitcoin’s price surge. Investors and traders should keep a close eye on these patterns and market developments as they continue to unfold.
