Bitcoin Enters Dreaded ‘Chop Season’ – What Does This Mean For Price?
June 01 2024 - 12:00PM
NEWSBTC
Crypto analyst ShardiB recently revealed that Bitcoin has entered
‘chop season.’ This is significant as it could be a while before
the flagship crypto finally archives that breakout, which will send
it to new all-time highs (ATHs). Related Reading: MATIC Under
The Lens: Why Is Polygon Busy But Not Making Money? 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
would be filled with more sideways movement for the flagship
crypto. The analyst made reference to the fact that BTC has
continued to attempt to break out of its current range but has
failed on every attempt so far. The crypto analyst claimed
this would continue to be the top coin’s reality for a few more
months, heading into the chop season. The analyst suggested it
might be best to buy Bitcoin now and “hold and enjoy life for a few
months while not getting chopped out.” Indeed, the flagship
crypto has maintained a tepid price movement since the halving
event as it continues to consolidate. Bitcoin has also failed to
hold $70,000 as support every time it has broken above that level
for a while now. Crypto expert Michael van de Poppe mentioned that
the crypto successfully breaking out of this range is what will
kickstart the Bitcoin bull run and send it to new ATHs.
Crypto analyst Rekt Capital also echoed a similar 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.” However, that seems unlikely, as Bitcoin is
currently on a downward trend, having dropped to as low as $67,000
in the last 24 hours. Rekt Capital added that previous cycles
indicate that Bitcoin is still 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 continue to range
between $60,000 and $70,000 until then. Bitcoin Breakout
Could Be Closer Than Expected Crypto analyst Mikybull Crypto
suggested in a recent X (formerly Twitter) post that Bitcoin’s
breakout could happen sooner than expected. This came following his
remarks that Bitcoin has displayed a broadened wedge on the daily
chart and that the “breakout is closer than you think.” He claimed
that $85,000 is the breakout target for Bitcoin. Related
Reading: Ethereum Bloodbath: Over $55 Million In Longs Liquidated
As Price Plummets 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 same 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
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