Cryptocurrency Analyst Jelle highlighted the bullish pattern that has been forming on the Bitcoin chart for the past three years. The analyst suggested that the pattern could soon come to fruition, with target price $100,000 and in sight, if that happens.

3-Year Cup and Handle Pattern Could Soon Appear for Bitcoin

WX (formerly Twitter) fastingJelle said it shouldn’t be long before a 3-year cup-and-handle pattern on Bitcoin’s chart begins to develop. The analyst suggested it could happen as early as the fourth quarter of this year, noting that the pattern has a 6-digit range. The accompanying chart showed that Bitcoin could go above $100,000 and reach the amount of $140,000.

Indeed, the fourth quarter of the year is bullish for the flagship cryptocurrency, although the question remains whether it will manage to cross $100,000. Bernstein analysts predicted that Bitcoin will reach at least $90,000 if Donald Trump wins the election. Standard Chartered gave a more sanguine forecast, stating that BTC will reach $150,000 by the end of the year if Trump wins.

Regardless of the election outcome, however, the implications are bullish for the flagship cryptocurrency as it would provide more certainty to the market. Historically, Bitcoin has also enjoyed positive monthly returns in the last quarter of each halving year. In 2016 and 2020, the flagship cryptocurrency enjoyed three consecutive months of positive growth, from October to December.

This Fed interest rate cuts could begin at the next FOMC meeting next week, which will be held between September 17 and 18. This is expected to boost investor confidence in investing in high-risk assets like Bitcoin.

Other Reasons Why BTC Could Rise Above $100,000

Cryptocurrency analysts have also provided other reasons why Bitcoin could rise above $100,000 from a technical analysis perspective. Titan Crypto highlighted the bullish Bitcoin pennant that is currently forming on the monthly time frame. He predicted that it could push the flagship cryptocurrency to $158,000 if it pans out.

Cryptocurrency Analyst He previously revealed Golden Cross that formed on Bitcoin’s 2-month chart. He noted that this bullish pattern has always led to a massive BTC rally, suggesting that it could happen again. The chart he shared showed that the flagship cryptocurrency could reach six figures if that rally were to take place.

Cryptocurrency analyst SalsaTekila has offered a more bullish forecast that Bitcoin could rise above $200,000 in this market cycle. He said this price level looks like a “chicken target.” The analyst noted that the market is structurally different this time around, as the spot market seems to dominate. He added that it is ultimately a rise as available supply is shrinking.

At the time of writing, Bitcoin is trading at around $59,900, up more than 2% in the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com