Cryptocurrency Analyst Jelle has highlighted a bullish pattern on Bitcoin’s chart that he predicts could push its price as high as $90,000. He also provided a timeline for when this parabolic rally could begin. This comes amid a bullish view of the flagship cryptocurrency after Fed interest rate cuts.

Descending Broadening Wedge Could Send Bitcoin to $90,000

IN Posts XJelle mentioned falling, expanding wedge pattern that formed on the Bitcoin chart. He claimed that the pattern has a price target of $90,000 and added that he expects the price to break through to that target to begin in October. The analyst also noted that the fourth quarter of this year should be “fun” for Bitcoin.

Indeed, based on history, Bitcoin can bring significant profits throughout October, November and December of this year. The flagship cryptocurrency recorded positive monthly returns in the fourth quarter of last year two years of halvingMoreover, Q4 always brings the highest profits of the year for Bitcoin.

Meanwhile in another place Posts XJelle highlighted the key price levels that Bitcoin needs to break through in order to continue its upward trajectory fresh all-time record (ATH) and that $90,000 price target. He noted that the claim that $62,000 would be a good start for the flagship cryptocurrency and that once the price breaks through $65,000, there will be no stopping the train to a fresh ATH.

Bitcoin’s current ATH is $73,000, a price level reached in March of this year. However, analysts like Jelle still suggest that it is still well below the cryptocurrency’s market peak in this bull runThere is also a possibility that Bitcoin could rise above $100,000 during this bull run.

Standard Chartered provides that BTC could reach that price level this year. The bank also predicted that Bitcoin could soar to $150,000 if Donald Trump wins the election.

BTC’s bullish case just got stronger

Jelle also mentioned that Bitcoin’s bullish case became stronger following the Fed’s interest rate cuts. The US Federal Reserve announced a 50 basis point (bps) rate cut on September 18, a move widely seen as bullish for the flagship cryptocurrency. The crypto analyst mentioned that expansionary policy is on the horizon along with a looser return to monetary policy.

More liquidity It is expected to flow into risk assets like Bitcoin, boosting the prices of cryptocurrencies that have been stagnant for some time due to low demand. Bulls also appear to be coming back from rate cuts, which could signal a bullish shift in sentiment for BTC.

Crypto analyst Ali Martinez recently revealed that 61.95% of top traders on Binance are long the flagship cryptocurrency. Previously, these traders were bearish because NewsBTC reported that 51.41% of them sold Bitcoin low.

At the time of writing, Bitcoin is trading at around $61,900, 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