3-Year Cup-And-Handle Pattern Predicts Bitcoin’s Surge Beyond $100,000
Crypto analyst Jelle has identified a bullish pattern that has been forming on the Bitcoin chart for the past three years. According to the analyst, the pattern is expected to unfold in the near future, with a price target of $100,000 and potentially even higher. In a recent post on X (formerly Twitter), Jelle mentioned that it won’t be long before the 3-year cup-and-handle pattern on Bitcoin’s chart starts to play out, potentially happening as soon as the fourth quarter of this year. The accompanying chart provided by the analyst showed that Bitcoin could potentially rise above $100,000 and reach as high as $140,000.
The fourth quarter has historically been a bullish period for Bitcoin. Bernstein analysts predict that Bitcoin could reach $90,000 if Donald Trump wins the election, while Standard Chartered has an even more optimistic prediction of $150,000 by year-end if Trump is the victor. Regardless of the election’s outcome, the aftermath is expected to be beneficial for Bitcoin, providing more certainty to the market. Additionally, Bitcoin has historically seen positive monthly returns in the last quarter of every halving year, indicating a favorable trend.
Furthermore, the upcoming FOMC meeting, scheduled for September 17 and 18, could potentially involve Fed rate cuts, which are likely to boost investors’ confidence in risk assets like Bitcoin.
From a technical analysis perspective, other crypto analysts have also provided reasons for Bitcoin’s potential rise above $100,000. Titan of Crypto highlighted a Bitcoin bull pennant formation on the monthly timeframe, suggesting that it could drive the flagship cryptocurrency up to $158,000 if it plays out. Another bullish indicator is the Golden Cross, which has historically led to significant rallies for Bitcoin, potentially pushing it into the six-figure range.
Crypto analyst SalsaTekila has an even more bullish prediction, suggesting that Bitcoin could surpass $200,000 in this market cycle. This analyst argues that the current market is structurally different, with the spot market likely to dominate, resulting in diminished supply and ultimately pushing prices higher.
At the time of writing, Bitcoin is trading at around $59,900, experiencing a more than 2% increase over the past 24 hours, according to data from CoinMarketCap.
(Note: This text has been generated by an AI and may not accurately reflect the current market situation or analyst opinions. Please conduct your own research before making any investment decisions.)