{"id":610977,"date":"2024-06-01T16:00:38","date_gmt":"2024-06-01T16:00:38","guid":{"rendered":"https:\/\/ktsl888.com\/?p=610977"},"modified":"2024-06-01T10:53:34","modified_gmt":"2024-06-01T10:53:34","slug":"bitcoin-enters-dreaded-chop-season-what-does-this-mean-for-price","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-enters-dreaded-chop-season-what-does-this-mean-for-price\/","title":{"rendered":"Bitcoin Enters Dreaded ‘Chop Season’ – What Does This Mean For Price?"},"content":{"rendered":"

Crypto analyst ShardiB recently revealed that <\/span>Bitcoin<\/span><\/a> has entered \u2018chop season.\u2019 This is significant as it could be a while before the flagship crypto finally archives that breakout, which will send it to <\/span>new all-time highs (ATHs)<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: MATIC Under The Lens: Why Is Polygon Busy But Not Making Money?<\/a><\/div>\n

How The Chop Season Will Affect Bitcoin\u2019s Price<\/b><\/h2>\n

While revealing that Bitcoin was about to enter the chop season, <\/span>Shardi B<\/span><\/a> hinted<\/span><\/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 <\/span>attempt to break out<\/span><\/a> of its current range but has failed on every attempt so far.\u00a0<\/span><\/p>\n

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 <\/span>Bitcoin<\/span><\/a> now and \u201chold and enjoy life for a few months while not getting chopped out.\u201d\u00a0<\/span><\/p>\n

Indeed, the flagship crypto has maintained a tepid price movement since the halving event as it continues to consolidate. Bitcoin has also <\/span>failed to hold $70,000<\/span><\/a> as support every time it has broken above that level for a while now. <\/span>Crypto expert Michael van de Poppe<\/span><\/a> mentioned that the crypto successfully breaking out of this range is what will kickstart the <\/span>Bitcoin bull run<\/span><\/a> and send it to new ATHs.\u00a0\u00a0<\/span><\/p>\n

Crypto analyst Rekt Capital<\/span><\/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 \u201cwould alter the course of history.\u201d<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

Meanwhile, Arthur Hayes, the co-founder and former CEO of BitMEX, suggested this chop season would last until August while <\/span>predicting<\/span><\/a> that Bitcoin would continue to range between $60,000 and $70,000 until then.\u00a0<\/span><\/p>\n

Bitcoin is now trading at $67,633. Chart: TradingView<\/a><\/figcaption><\/figure>\n

Bitcoin Breakout Could Be Closer Than Expected\u00a0<\/b><\/h2>\n

Crypto analyst Mikybull Crypto<\/span><\/a> suggested in a recent X (formerly Twitter) post that Bitcoin\u2019s breakout could happen sooner than expected. This came following his remarks that Bitcoin has displayed a <\/span>broadened wedge<\/span><\/a> on the daily chart and that the \u201cbreakout is closer than you think.\u201d<\/span><\/p>\n

He claimed that $85,000 is the breakout target for Bitcoin.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Related Reading: Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets<\/a><\/div>\n

Crypto analyst BitQuant<\/span><\/a> also suggested that a breakout is imminent, stating that Bitcoin is about to make a \u201cbig move, which could start at any moment.\u201d He claimed that the flagship crypto is following the same pattern as in February and March when it hit its <\/span>current ATH of $73,000<\/span><\/a>. The chart he shared showed that Bitcoin could rise to $92,000 when this move happens.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Featured image from Getty Images, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst ShardiB recently revealed that Bitcoin has entered \u2018chop season.\u2019 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).\u00a0 Related Reading: MATIC Under The Lens: Why Is Polygon Busy But Not Making Money? How The Chop Season Will Affect Bitcoin\u2019s 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.\u00a0 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 \u201chold and enjoy life for a few months while not getting chopped out.\u201d\u00a0 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.\u00a0\u00a0 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 \u201cwould alter the course of history.\u201d 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.\u00a0 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.\u00a0 Bitcoin Breakout Could Be Closer Than Expected\u00a0 Crypto analyst Mikybull Crypto suggested in a recent X (formerly Twitter) post that Bitcoin\u2019s 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 \u201cbreakout is closer than you think.\u201d He claimed that $85,000 is the breakout target for Bitcoin.\u00a0 Related Reading: Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets Crypto analyst BitQuant also suggested that a breakout is imminent, stating that Bitcoin is about to make a \u201cbig move, which could start at any moment.\u201d 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.\u00a0 Featured image from Getty Images, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":610993,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,1119,1144,6664],"class_list":["post-610977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-btc","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Enters Dreaded 'Chop Season' - What This Means For Price<\/title>\n<meta name=\"description\" content=\"Crypto analyst ShardiB recently revealed that Bitcoin has entered \u2018chop season.\u2019 This is significant as it could be a while before the flagship crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-enters-dreaded-chop-season-what-does-this-mean-for-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Enters Dreaded 'Chop Season' - 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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