Crypto analyst ShardiB recently revealed this Bitcoin has entered the “cutlet season”. This is significant because it may take some time before the flagship cryptocurrency finally archives this breakout, which will send it to modern all-time highs (ATH).
How Chop season will affect the price of Bitcoin
Revealing that Bitcoin will soon enter chop season, Shardi B he suggested that the season will be filled with more sideways moves for the flagship cryptocurrency. The analyst addressed the fact that BTC is still doing this try to get away its current range, but so far no attempt has been successful.
A cryptocurrency analyst said this will be the reality for the most popular coin for the next few months as we head into chopping season. The analyst suggested that the best option would be to buy Bitcoin now and “hang in there and enjoy life for a few months without getting cut off.”
Indeed, the flagship cryptocurrency has maintained moderate price movement since the halving and continues to consolidate. Bitcoin too he failed to raise $70,000 as support whenever it breaks above this level for some time. Cryptocurrency expert Michael van de Poppe you mentioned that a cryptocurrency that successfully breaks out of this range will trigger the market Bitcoin bull run and send it to the modern ATHs.
Rekt Capital cryptocurrency analyst also expressed a similar sentiment, suggesting that Bitcoin is one breakout away from entering the parabolic phase of this market cycle. Interestingly, a cryptocurrency analyst put forward a narrative that BTC could enter this phase this week, stating that a weekly close above $69,000 would “change the course of history.”
However, this seems unlikely as Bitcoin is currently on a downtrend, falling to as low as $67,000 in the last 24 hours. Rekt Capital added that previous cycles indicate that Bitcoin is still a few weeks away from entering this parabolic phase.
Meanwhile, Arthur Hayes, co-founder and former CEO of BitMEX, suggested that chop season will last until August, while prediction that by then, the price of Bitcoin will continue to hover between $60,000 and $70,000.
Bitcoin’s breakout may be closer than expected
Mikybull Crypto cryptocurrency analyst in a recent post on X (previously on Twitter), he suggested that Bitcoin’s breakout may happen sooner than expected. This followed his remarks that Bitcoin showed widened wedge on the daily chart and that “the breakout is closer than you think.”
He claimed that the breakout target for Bitcoin is $85,000.
BitQuant cryptocurrency analyst he also suggested that a breakout is imminent, stating that Bitcoin is about to make a “big move that could start at any moment.” He claimed that the flagship cryptocurrency is following the same pattern as in February and March when it reached its peak current ATH of $73,000. The chart he shared showed that once this move happens, Bitcoin could surge to $92,000.
Featured image from Getty Images, chart from TradingView
