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Crypto analyst Jelle has highlighted a bullish pattern on the Bitcoin chart, which he predicts could propel its price as high as $90,000. He also provided a timeline for when this parabolic rally could commence. This optimistic outlook comes amid a favorable environment for the flagship cryptocurrency following the Fed rate cuts.
Descending Broadening Wedge Could Propel Bitcoin to $90,000
In a recent X post, Jelle identified a descending broadening wedge pattern that has formed on Bitcoin’s chart. According to him, this pattern has a price target of $90,000, and he expects the price breakout towards this target to begin in October. The analyst also mentioned that the fourth quarter of this year should be “fun” for Bitcoin.
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Historically, Bitcoin has enjoyed significant returns during October, November, and December. The flagship cryptocurrency has recorded positive monthly returns in the fourth quarter of the last two halving years. Furthermore, Q4 consistently yields the highest returns of the year for Bitcoin.
In another X post, Jelle highlighted key price levels that Bitcoin needs to surpass to reach a new all-time high (ATH) and achieve the $90,000 target. He mentioned that surpassing $62,000 would be a promising start for Bitcoin, and once the price breaks above $65,000, there would be no stopping its ascent to a new ATH.
Bitcoin’s current ATH stands at $73,000, a level reached in March earlier this year. However, analysts like Jelle believe that this is still below the market peak in this bull run. There is also speculation that Bitcoin could rise above $100,000 during this bull run.
Standard Chartered has predicted that BTC could reach this price level within the year. The bank has also suggested that Bitcoin could climb as high as $150,000 if Donald Trump wins the election.
BTC’s Bull Case Just Got Stronger
Jelle also mentioned that Bitcoin’s bullish case has strengthened following the Fed rate cuts. On September 18, the US Federal Reserve announced a 50 basis point (bps) interest rate cut, a move widely regarded as bullish for Bitcoin. The crypto analyst noted that expansionary policy is on the horizon, with looser monetary measures now in place.
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With more liquidity expected to flow into risk assets like Bitcoin, a price surge is anticipated. The cryptocurrency’s price has remained stagnant for a while due to low demand, but the recent rate cuts could signal a bullish reversal for BTC. The bulls appear to be back, potentially igniting a price surge.
Crypto analyst Ali Martinez recently revealed that 61.95% of top traders on Binance are going long on Bitcoin. Previously, there was a bearish sentiment among these traders, with NewsBTC reporting that 51.41% were shorting Bitcoin.
At the time of writing, Bitcoin is trading at approximately $61,900, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Source: BTCUSD on Tradingview.com
