October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000
Crypto analyst Jelle has highlighted a bullish pattern on the Bitcoin chart, which he predicts could send its price as high as $90,000. He also provided a timeline for when this parabolic rally could begin. This comes amid a bullish outlook for the flagship crypto following the Fed rate cuts. Descending Broadening Wedge Could Send Bitcoin To $90,000 In an X post, Jelle mentioned a descending broadening wedge pattern that had formed on Bitcoin’s chart. He claimed that the pattern has a price target of $90,000 and added that he expects the price breakout to this target to begin in October. The analyst also remarked that the fourth quarter of this year should be “fun” for Bitcoin. Source: XIndeed, based on history, Bitcoin could enjoy significant returns throughout October, November, and December of this year. The flagship crypto has recorded positive monthly returns in the fourth quarter of the last two halving years. Moreover, Q4 always yields the highest returns of the year for Bitcoin. Source: XMeanwhile, in another X post, Jelle highlighted key price levels that Bitcoin needs to break above to ride to a new all-time high (ATH) and this $90,000 price target. He remarked that claiming $62,000 will be a good start for the flagship crypto and that once the price breaks above $65,000, there will be no stopping the train to a new ATH. Source: XBitcoin’s current ATH stands at $73,000, a price level reached in March earlier this year. However, analysts like Jelle have continued to suggest that it is still way below the crypto’s market peak in this bull run. There is also the possibility of Bitcoin rising above $100,000 in this bull run. Standard Chartered predicts that BTC could reach this price level this year. The bank has also predicted that Bitcoin could rise to as high as $150,000 if Donald Trump wins the election. BTC’s Bull Case Just Got Stronger Jelle also mentioned that Bitcoin’s bull case grew stronger following the Fed rate cuts. The US Federal Reserve announced a 50 basis point (bps) interest rate cut on September 18, a move widely regarded as bullish for the flagship crypto. The crypto analyst mentioned that expansionary policy is on the horizon with looser monetary back in place. More liquidity is expected to flow into risk assets like Bitcoin, sparking a price surge in the crypto’s price, which has remained stagnant for a while due to low demand. The bulls also look to be back following the rate cuts, which could signal a bullish reversal for BTC. Crypto analyst Ali Martinez recently revealed that 61.95% of top traders on Binance are going long on the flagship crypto. Before now, there was a bearish sentiment among these traders, as NewsBTC reported that 51.41% of them were shorting Bitcoin. Source: XAt the time of writing, Bitcoin is trading at around $61,900, up over 2% in the last 24 hours, according to data from CoinMarketCap. BTC makes it to $61,000 | Source: BTCUSD on Tradingview.comFeatured image created with Dall.E, chart from Tradingview.com Scott Matherson Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. 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