Jelle, a crypto analyst, thinks Bitcoin will go through a big rise and its price could reach $90,000. Jelle pointed out a descending widening wedge pattern on Bitcoin’s chart that he thinks will lead to this major rise.
He thinks the rise will begin in October and that Bitcoin will do well throughout the fourth quarter of 2024. In the past, Bitcoin has made a lot of funds in the last few months of the year, with returns being best in the fourth quarter. During earlier halving cycles in October, November, and December, the cryptocurrency did very well.
Bitcoin Could Reach $100,000
Jelle also talked about important price levels that Bitcoin needs to pass in order to set a new all-time high. He said that breaking through $62,000 would be a good start and that going over $65,000 could set a new record high for the coin. Bitcoin’s all-time high was $73,000, which was reached in March.
Apart from Jelle’s research, Standard Chartered also thinks BTC could hit $100,000 this year, and even $150,000 if Donald Trump wins the election.
After the US Federal Reserve cut rates by 50 basis points on September 18, it is thought that BTC will go up in value. Jelle said that this strategy of “expansion” and the rise in liquidity are likely to make people want risky assets like BTC, which could cause the price to go up.
The way people feel about the market seems to be changing. Right now, 61.95% of the top traders on Binance are long BTC , which goes against past bearish trends. As of right now, BTC is worth about $61,900, which is a 2% rise in the last 24 hours, according to CoinMarketCap.
