Bitcoin Enters Dreaded ‘Chop Season’ – What This Means For Price



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


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

How To Get Free Crypto  


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.”

Coinbase Banner  


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
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
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


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
TradingView

Go to Source
Author: Scott Matherson


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