October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000
2024年9月19日 - 7:00PM
NEWSBTC
Crypto analyst Jelle has highlighted a bullish pattern on the
Bitcoin chart, which he predicts could send its price as high as
$90,000. He also provided a timeline for when this parabolic rally
could begin. This comes amid a bullish outlook for the flagship
crypto following the Fed rate cuts. Descending Broadening
Wedge Could Send Bitcoin To $90,000 In an X post, Jelle mentioned a
descending broadening wedge pattern that had formed on Bitcoin’s
chart. He claimed that the pattern has a price target of $90,000
and added that he expects the price breakout to this target to
begin in October. The analyst also remarked that the fourth quarter
of this year should be “fun” for Bitcoin. Related Reading:
Ethereum In 2021 Vs. 2024: Fractal Suggests Major Breakout In Q4
Indeed, based on history, Bitcoin could enjoy significant returns
throughout October, November, and December of this year. The
flagship crypto has recorded positive monthly returns in the fourth
quarter of the last two halving years. Moreover, Q4 always yields
the highest returns of the year for Bitcoin. Meanwhile, in
another X post, Jelle highlighted key price levels that Bitcoin
needs to break above to ride to a new all-time high (ATH) and this
$90,000 price target. He remarked that claiming $62,000 will be a
good start for the flagship crypto 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 way below the crypto’s
market peak in this bull run. There is also the possibility of
Bitcoin rising above $100,000 in this bull run. Standard
Chartered predicts that BTC could reach this price level this year.
The bank has also predicted that Bitcoin could rise to as high as
$150,000 if Donald Trump wins the election. BTC’s Bull Case
Just Got Stronger Jelle also mentioned that Bitcoin’s bull case
grew stronger following the Fed rate cuts. The US Federal Reserve
announced a 50 basis point (bps) interest rate cut on September 18,
a move widely regarded as bullish for the flagship crypto. The
crypto analyst mentioned that expansionary policy is on the horizon
with looser monetary back in place. Related Reading: Fantom
To $2: Here’s What’s Driving The FTM Price Recovery More liquidity
is expected to flow into risk assets like Bitcoin, sparking a price
surge in the crypto’s price, which has remained stagnant for a
while due to low demand. The bulls also look to be back following
the rate cuts, which could signal a bullish reversal for BTC.
Crypto analyst Ali Martinez recently revealed that 61.95% of top
traders on Binance are going long on the flagship crypto. Before
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 at around $61,900, up over 2%
in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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