Crypto analyst Jelle has highlighted a bullish pattern on the Bitcoin chart, predicting its price could reach as high as $90,000. This is based on a descending broadening wedge pattern he identified, expecting the price breakout to start in October.
Historically, Bitcoin enjoys significant returns in Q4, and has recorded positive monthly returns during the last two halving years in Q4. Jelle suggests breaking $62,000 and $65,000 levels will pave the way to a new all-time high.
With Bitcoin's current all-time high at $73,000, there is potential for it to rise above $100,000 according to other analysts. Standard Chartered even suggests a price as high as $150,000 if Donald Trump wins the election.
The bullish outlook is further strengthened following the US Federal Reserve's 50 basis points interest rate cut on September 18. This move is seen as a boost for Bitcoin, as looser monetary policy is expected to lead to more liquidity in risk assets like Bitcoin.
Currently, Bitcoin is trading around $61,900, up over 2% in the last 24 hours. Crypto analyst Ali Martinez points out that 61.95% of top traders on Binance are going long on Bitcoin, indicating a shift towards a bullish sentiment.
