Bitcoin Enters Chop Season: Will Volatile Period Lead to Record-Breaking Highs?

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In a pivotal moment for the cryptocurrency world, highly-regarded crypto analyst, ShardiB, announced that Bitcoin has ushered in ‘chop season.’ This term insinuates that Bitcoin’s value will likely tread water before breaking through to new previously unreached all-time highs.

ShardiB laid out an intriguing forecast for Bitcoin – a period marked by extensive sideways movement – aptly termed the chop season. Expounding on this, the analyst alluded to Bitcoin’s unsuccessful attempts to break free from its current value range, despite multiple thrusts.

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To shed light on this stagnation, ShardiB proposed that Bitcoin might remain with this status quo for a few months into the chop season. As such, the analyst advised investors to consider buying and holding onto Bitcoin, unflinching in the face of volatility.

Thriving since the halving event, the leading cryptocurrency has cemented slow but steady price traction while consolidating its stance. However, Bitcoin has repeatedly struggled to use the $70,000 mark as a springboard, faltering with each attempt to float above this support level. Renowned crypto expert Michael van de Poppe conveyed that breaking out of this stubborn range would trigger a mighty Bitcoin bull run, pushing it towards fresh all-time highs.

In a similar vein, analyst Rekt Capital echoed that Bitcoin is a mere breakout away from initiating a parabolic phase in its market cycle. Intriguingly, Rekt Capital anticipates the flagship cryptocurrency to enter this phase imminently, suggesting that a weekly close above $69,000 would “alter the course of history.”

However, the odds of this happening anytime soon seem thin, especially since Bitcoin is currently experiencing a downward trend, plunging as low as $67,000 within the last 24 hours. Rekt Capital added further nuance to this prediction, stating that Bitcoin is several weeks out based on past cycles before moving into the parabolic phase.

Adding to the layer of expert opinions, Arthur Hayes, co-founder and ex-CEO of BitMEX, envisages the chop season lasting until August. In his forecast, he expects Bitcoin to continue fluctuating between $60,000 and $70,000 until that time. Bitcoin is now trading at a steady $67,633.

Meanwhile, another crypto analyst, Mikybull Crypto, stirred the pot with a prediction implying a potential breakout ahead of schedule. He made this assertion based on his observation of a broadened wedge on Bitcoin’s daily chart, an indicator that the “breakout is closer than you think.” His ambitious price point for the breakout surged to a whopping $85,000.

Analytic platform, BitQuant, further added to this thrilling mix of predictions – they expect a breakout soon, maintaining that Bitcoin is on the verge of a potential “big move” which could happen without warning. The prediction is anchored on historical patterns, especially those observed during February and March when Bitcoin last hit its current all-time high of $73,000. The forecast, based on their presented chart, posits that Bitcoin could potentially see a hefty rise to $92,000 when this move unfolds.