The post Bitcoin Enters Dreaded ‘Chop Season’ appeared on BitcoinEthereumNews.com.

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).  Related Reading 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…

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Filed under: News - @ June 1, 2024 11:24 pm