U.Today – (BTC) is currently showing no momentum and continues to move sideways. The largest cryptocurrency on the market appears to be stuck in this consolidation range of $60,000 to $62,000. However, many in the community still expect a massive price crash. They still believe in the “Uptober” theory regarding Bitcoin price.
Among them is the celebrated cryptocurrency trader and analyst Jelle. On X (formerly Twitter), he shared an in-depth analysis of the current market situation and presented a huge BTC price forecast. The analyst explained that the consolidation phase in the summer bull market historically ends around the last 10 days of October.
A fresh all-time record for Bitcoin?
The analyst believes that the “crash” phase, during which BTC sees repeated price drops, could also end around this time in 2024. According to Jelle, if history repeats itself and Bitcoin follows the same pattern, the market could start a huge break in the price of the leading coin. The analyst predicted that Bitcoin’s price could reach a fresh all-time high (ATH) in the next two to three weeks.
True to his prediction, Bitcoin’s chart looks ready to ignite a potential bull run. BTC’s current all-time high is around $73,780. The coin reached this milestone in March this year, following the launch of Bitcoin Spot ETFs in January. Jelle now expects a fresh ATH in slow October or early November.
At press time, Bitcoin is trading at around $61,788 after falling 1.75% in the last 24 hours. Bitcoin is trading around this channel and “chop season”, a term used by Jelle, appears to be continuing. However, Jelle’s analysis indicates that this phase will soon end and fresh highs are emerging for Bitcoin.
