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.
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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.
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