Bitcoin

Arthur

Rekt

Crypto analyst ShardiB recently revealed that <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-57938-level-to-watch/#:~:text=CryptoCon%20mentioned%20in%20an%20X,analysis%2C%20any%20potential%20price%20decline" target="_blank" rel="noopener ">Bitcoin</a> 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 <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" target="_blank" rel="noopener nofollow">new all-time highs (ATHs)</a>.&nbsp; 
<h2 id="b-how-the-chop-season-will-affect-bitcoin-s-price-b">How The Chop Season Will Affect Bitcoin’s Price</h2> 
While revealing that Bitcoin was about to enter the chop season, <a href="https://www.newsbtc.com/news/bitcoin/can-litecoin-halving-spark-crypto-alt-season-and-boost-bitcoin-price-higher/" target="_blank" rel="noopener ">Shardi B</a> <a href="https://x.com/ShardiB2/status/1796567431055380894" rel="nofollow">hinted</a> 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 <a href="https://www.newsbtc.com/analysis/xrp/bitcoin-bull-run-70000-level/" target="_blank" rel="noopener ">attempt to break out</a> of its current range but has failed on every attempt so far.&nbsp; 
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 <a href="https://bitcoinist.com/bitcoin-enters-consolidation-phase-an-analysts-set-their-sights-on-this-major-crypto/" target="_blank" rel="noopener nofollow">Bitcoin</a> now and “hold and enjoy life for a few months while not getting chopped out.”&nbsp; 
Indeed, the flagship crypto has maintained a tepid price movement since the halving event as it continues to consolidate. Bitcoin has also <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-lack-of-interest-70000/" target="_blank" rel="noopener ">failed to hold $70,000</a> as support every time it has broken above that level for a while now. <a href="https://bitcoinist.com/bitcoin-halving-investors-btc/" target="_blank" rel="noopener nofollow">Crypto expert Michael van de Poppe</a> mentioned that the crypto successfully breaking out of this range is what will kickstart the <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" target="_blank" rel="noopener nofollow">Bitcoin bull run</a> and send it to new ATHs.&nbsp;&nbsp; 
<a href="https://www.newsbtc.com/analysis/btc/69000-very-important-bitcoin/" target="_blank" rel="noopener ">Crypto analyst Rekt Capital</a> 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.&nbsp; 
Meanwhile, Arthur Hayes, the co-founder and former CEO of BitMEX, suggested this chop season would last until August while <a href="https://www.newsbtc.com/news/bitcoin/crypto-expert-arthur-hayes-says-bitcoin-has-found-its-local-bottom-but-can-it-hold-this-level/" target="_blank" rel="noopener ">predicting</a> that Bitcoin would continue to range between $60,000 and $70,000 until then.&nbsp; 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/X4OEWfJy/" width="1835" height="883"> 
<h2 id="b-bitcoin-breakout-could-be-closer-than-expected-b">Bitcoin Breakout Could Be Closer Than Expected&nbsp;</h2> 
<a href="https://bitcoinist.com/dogecoin-doge-price-can-reach-1/" target="_blank" rel="noopener nofollow">Crypto analyst Mikybull Crypto</a> 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 <a href="https://bitcoinist.com/bitcoin-broadening-wedge-formation-indicates-crash-below-30000/" target="_blank" rel="noopener nofollow">broadened wedge</a> on the daily chart and that the “breakout is closer than you think.” 
He claimed that $85,000 is the breakout target for Bitcoin.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-610978" src="https://www.newsbtc.com/wp-content/uploads/2024/06/a_00966e.png?resize=641%2C374" alt="" width="641" height="374" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/a_00966e.png?resize=641%2C374?w=641 641w, https://www.newsbtc.com/wp-content/uploads/2024/06/a_00966e.png?resize=641%2C374?w=460 460w" sizes="(max-width: 641px) 100vw, 641px" data-recalc-dims="1"> 
<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-57938-level-to-watch/" target="_blank" rel="noopener ">Crypto analyst BitQuant</a> 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 <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" target="_blank" rel="noopener nofollow">current ATH of $73,000</a>. The chart he shared showed that Bitcoin could rise to $92,000 when this move happens.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-610979" src="https://www.newsbtc.com/wp-content/uploads/2024/06/a_6ecaa4.png?resize=635%2C289" alt="" width="635" height="289" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/a_6ecaa4.png?resize=635%2C289?w=635 635w, https://www.newsbtc.com/wp-content/uploads/2024/06/a_6ecaa4.png?resize=635%2C289?w=460 460w" sizes="(max-width: 635px) 100vw, 635px" data-recalc-dims="1"> 
Featured image from Getty Images, chart from TradingView

Bitcoin Enters Dreaded ‘Chop Season’ – What Does This Mean For Price?

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