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

Source Newsbtc
Jun 1, 2024 16:00

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). 

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. 

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

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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