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Cryptocurrency Analyst Jelle has highlighted a bullish pattern on the bitcoin chart, which he predicts could send its price all the way to $90,000. He also provided a timeline for when this parabolic rally could begin. This comes amid a bullish outlook for the flagship cryptocurrency following the Fed rate cuts.
The descending broadening wedge could take bitcoin to $90,000
In a x.com/CryptoJelleNL/status/1836333069210407217″ rel=”nofollow”>Publication xJelle mentioned one bitcoin-super-bull-run-is-on-the-horizon-expert/” rel=”nofollow”>descending broadening wedge pattern that had formed on the bitcoin chart. He stated that the pattern has a price target of $90,000 and added that he expects the price breakout towards this target to begin in October. The analyst also commented that the fourth quarter of this year should be “fun” for bitcoin.
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In fact, according to history, bitcoin–btc-bull-run-stalling-cryptoquant-ceo-expects-a-rebound-in-q4/” rel=”nofollow”>bitcoin could enjoy significant returns During October, November and December of this year, the flagship cryptocurrency recorded positive monthly returns in the fourth quarter of last year. bitcoin-halving-2024-complete-what-expect/” rel=”nofollow”>Two years of halvingAdditionally, the fourth quarter always yields the highest returns of the year for bitcoin.
Meanwhile, in another x.com/CryptoJelleNL/status/1836331258319687853″ rel=”nofollow”>Publication xJelle highlighted the key price levels that bitcoin needs to overcome to reach a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) and this target price of $90,000. He commented that stating that $62,000 will be a good start for the flagship cryptocurrency and that once the price breaks above $65,000, there will be no stopping the train to a new ATH.
bitcoin's current ATH stands at $73,000, a price level reached in March earlier this year. However, analysts like Jelle have continued to suggest that it is still well below the cryptocurrency market's peak in bitcoin-bull-market-glassnode/” rel=”nofollow”>This bullfightThere is also a chance that bitcoin will surpass $100,000 in this bull run.
bitcoin-pre-us-elections/” rel=”nofollow”>Standard Chartered predicts that btc could reach this price level this year. The bank has also predicted that bitcoin could rise to $150,000 if Donald Trump wins the election.
btc's bullish case grows stronger
Jelle also mentioned that the bullish case for bitcoin was strengthened following the Fed rate cuts. The US Federal Reserve announced On September 18, a 50 basis point (bp) interest rate cut occurred, a move widely seen as bullish for the flagship cryptocurrency. The cryptocurrency analyst mentioned that expansionary policy is on the horizon with the resumption of looser monetary policy.
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bitcoin–ethereum-outperform-2/” rel=”nofollow”>More liquidity It is expected to flow into risky assets like bitcoin, leading to a surge in the price of the cryptocurrency, which has been stagnant for a while. bitcoin-demand-slowed-down-glassnode-report/” rel=”nofollow”>Due to low demandThe bulls also appear to be back following the rate cuts, which could signal a bullish reversal for btc.
Cryptocurrency analyst Ali Martinez recently revealed that 61.95% of Binance's top traders are long-term in favor of the flagship cryptocurrency. Until now, there was a bearish sentiment among these traders, as NewsBTC reported that 51.41% of them were shorting bitcoin.
At the time of writing, bitcoin is trading around $61,900, up more than 2% in the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
