A crypto analyst named Jelle thinks Bitcoin is about to skyrocket. He’s spotted a pattern on the Bitcoin chart that suggests the price could hit $90,000 by the end of the year.
A Bullish Pattern Emerges
Jelle says the pattern is called a “descending broadening wedge,” and it’s a classic sign of a big price jump. He expects this rally to start in October, making the fourth quarter of 2023 a “fun” time for Bitcoin investors.
Historical Trends Point to a Bullish October
Jelle’s prediction isn’t just based on this pattern. Historically, Bitcoin has performed well in the fourth quarter, especially in the years following its “halving” events (when the rate at which new Bitcoins are created is cut in half).
Bitcoin Needs to Break Through Key Levels
Jelle also identified some key price levels that Bitcoin needs to break through to reach its new all-time high (ATH) of $90,000. He thinks Bitcoin needs to first climb above $62,000 and then $65,000. Once it breaks through these levels, he believes there will be nothing stopping it from reaching its new peak.
Fed Rate Cuts Fuel the Bull Case
Jelle’s bullish outlook is further strengthened by the recent Federal Reserve rate cuts. These cuts are seen as a positive sign for Bitcoin because they inject more liquidity into the market, which can lead to higher prices for risk assets like cryptocurrencies.
Traders Are Turning Bullish
This bullish sentiment is reflected in the behavior of top traders on Binance. A recent survey showed that 61.95% of these traders are now going long on Bitcoin, a significant shift from the bearish sentiment seen earlier.
Bitcoin’s Price is Already Climbing
Bitcoin is currently trading at around $61,900, up over 2% in the last 24 hours. This suggests that the market is already starting to respond to the bullish signals.
While there’s no guarantee that Bitcoin will reach $90,000, the combination of technical analysis, historical trends, and recent market developments certainly paints a bullish picture for the flagship cryptocurrency.
