Crypto analyst ShardiB recently revealed that Bitcoin has entered the “chop season”. This is important because it could be some time before the flagship crypto finally archives this breakout, sending it to new all-time highs (ATH).
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How chop season will affect the price of Bitcoin
While revealing that Bitcoin was about to enter chop season, Shardi B. suggests that the season would be filled with additional sideways movements for the flagship crypto. The analyst referred to the fact that BTC continued to try to escape of its current scope, but has failed at every attempt so far.
The crypto analyst claimed that this will continue to be the reality of the most important coin for a few more months, as cutting season approaches. The analyst suggested it might be better to buy Bitcoin now and “hold on and enjoy life for a few months without letting yourself give up”.
Indeed, the flagship crypto has maintained tepid price movement since the halving event as it continues to consolidate. Bitcoin also has failed to hold $70,000 as support every time it breaks above this level for some time now. Michael van de Poppe, cryptography expert mentioned that crypto managing to break out of this range is what will restart the Bitcoin bull run and send it to new ATHs.
Crypto Analyst Rekt Capital also echoed a similar sentiment by suggesting that Bitcoin is one step away from entering the parabolic phase of this market cycle. Interestingly, the crypto analyst presented a narrative in which BTC could enter this phase this week, stating that a weekly close above $69,000 would “alter the course of history.”
However, this seems unlikely as Bitcoin is currently on a downward trend, having fallen to $67,000 in the last 24 hours. Rekt Capital added that previous cycles indicate that Bitcoin is still several weeks away from entering this parabolic phase.
Meanwhile, Arthur Hayes, co-founder and former CEO of BitMEX, suggested that this cutting season would last until August, while predict that Bitcoin would continue to range between $60,000 and $70,000 by then.
Bitcoin Breakout Could Be Closer Than Expected
Crypto Analyst Mikybull Crypto suggested in a recent article by X (formerly Twitter) that Bitcoin's breakout could happen sooner than expected. This follows his remarks that Bitcoin has posted a widened corner on the daily chart and that “the breakout is closer than you think”.
He claimed that $85,000 is the breakout target for Bitcoin.
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BitQuant Crypto Analyst also suggested that a breakout is imminent, stating that Bitcoin is on the verge of a “big move, which could start at any time.” He claimed that the flagship crypto was following the same pattern as in February and March when it reached its Current ATH of $73,000. The chart he shared shows that Bitcoin could reach $92,000 when this move occurs.
Featured image from Getty Images, chart from TradingView