Crypto analyst ShardiB recently revealed that Bitcoin has entered ‘chop season.’ This is important because it could possibly be some time before the flagship crypto finally archives that breakout, which can send it to latest all-time highs (ATHs).
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How The Chop Season Will Affect Bitcoin’s Price
While revealing that Bitcoin was about to enter the chop season, Shardi B hinted that the season can be crammed with more sideways movement for the flagship crypto. The analyst made reference to the indisputable fact that BTC has continued to try and break out of its current range but has failed on every attempt thus far.
The crypto analyst claimed this might proceed to be the highest coin’s reality for a couple of more months, heading into the chop season. The analyst suggested it is likely to be best to purchase Bitcoin now and “hold and revel in life for a couple of months while not getting chopped out.”
Indeed, the flagship crypto has maintained a tepid price movement because the halving event because it continues to consolidate. Bitcoin has also didn’t hold $70,000 as support each time it has broken above that level for some time now. Crypto expert Michael van de Poppe mentioned that the crypto successfully breaking out of this range is what is going to kickstart the Bitcoin bull run and send it to latest ATHs.
Crypto analyst Rekt Capital also echoed the same sentiment as he suggested that Bitcoin is one breakout away from entering the parabolic phase of this market cycle. Interestingly, the crypto analyst laid out a narrative where BTC could enter this phase this week, stating that a weekly close above $69,000 “would alter the course of history.”
Nevertheless, that seems unlikely, as Bitcoin is currently on a downward trend, having dropped to as little as $67,000 within the last 24 hours. Rekt Capital added that previous cycles indicate that Bitcoin continues to be several weeks from entering this parabolic phase.
Meanwhile, Arthur Hayes, the co-founder and former CEO of BitMEX, suggested this chop season would last until August while predicting that Bitcoin would proceed to range between $60,000 and $70,000 until then.
Bitcoin is now trading at $67,633. Chart: TradingView
Bitcoin Breakout Could Be Closer Than Expected
Crypto analyst Mikybull Crypto suggested in a recent X (formerly Twitter) post that Bitcoin’s breakout could occur ahead of expected. This got here following his remarks that Bitcoin has displayed a broadened wedge on the each day chart and that the “breakout is closer than you think that.”
He claimed that $85,000 is the breakout goal for Bitcoin.
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Crypto analyst BitQuant also suggested that a breakout is imminent, stating that Bitcoin is about to make a “big move, which could start at any moment.” He claimed that the flagship crypto is following the identical pattern as in February and March when it hit its current ATH of $73,000. The chart he shared showed that Bitcoin could rise to $92,000 when this move happens.
Featured image from Getty Images, chart from TradingView