{"id":610977,"date":"2024-06-01T16:00:38","date_gmt":"2024-06-01T16:00:38","guid":{"rendered":"https:\/\/uniquehot.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:\/\/uniquehot.com\/news\/bitcoin-enters-dreaded-chop-season-what-does-this-mean-for-price\/","title":{"rendered":"Bitcoin Enters Dreaded &#8216;Chop Season&#8217; &#8211; What Does This Mean For Price?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Crypto analyst ShardiB recently revealed that <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-57938-level-to-watch\/#:~:text=CryptoCon%20mentioned%20in%20an%20X,analysis%2C%20any%20potential%20price%20decline\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> 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><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">new all-time highs (ATHs)<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/matic-under-the-lens-why-is-polygon-busy-but-not-making-money\/\" target=\"_blank\" rel=\"noopener \">MATIC Under The Lens: Why Is Polygon Busy But Not Making Money?<\/a><\/div>\n<h2><b>How The Chop Season Will Affect Bitcoin\u2019s Price<\/b><\/h2>\n<p><span style=\"font-weight: 400\">While revealing that Bitcoin was about to enter the chop season, <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/can-litecoin-halving-spark-crypto-alt-season-and-boost-bitcoin-price-higher\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Shardi B<\/span><\/a> <a href=\"https:\/\/x.com\/ShardiB2\/status\/55380894\" rel=\"nofollow\"><span style=\"font-weight: 400\">hinted<\/span><\/a><span style=\"font-weight: 400\"> 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><a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/bitcoin-bull-run-70000-level\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">attempt to break out<\/span><\/a><span style=\"font-weight: 400\"> of its current range but has failed on every attempt so far.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto analyst claimed this would continue to be the top coin&#8217;s reality for a few more months, heading into the chop season. The analyst suggested it might be best to buy <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-enters-consolidation-phase-an-analysts-set-their-sights-on-this-major-crypto\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> now and \u201chold and enjoy life for a few months while not getting chopped out.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Indeed, the flagship crypto has maintained a tepid price movement since the halving event as it continues to consolidate. Bitcoin has also <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-lack-of-interest-70000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">failed to hold $70,000<\/span><\/a><span style=\"font-weight: 400\"> as support every time it has broken above that level for a while now. <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-halving-investors-btc\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Crypto expert Michael van de Poppe<\/span><\/a><span style=\"font-weight: 400\"> mentioned that the crypto successfully breaking out of this range is what will kickstart the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Bitcoin bull run<\/span><\/a><span style=\"font-weight: 400\"> and send it to new ATHs.\u00a0\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/69000-very-important-bitcoin\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Crypto analyst Rekt Capital<\/span><\/a><span style=\"font-weight: 400\"> 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<p><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">Meanwhile, Arthur Hayes, the co-founder and former CEO of BitMEX, suggested this chop season would last until August while <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/crypto-expert-arthur-hayes-says-bitcoin-has-found-its-local-bottom-but-can-it-hold-this-level\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">predicting<\/span><\/a><span style=\"font-weight: 400\"> that Bitcoin would continue to range between $60,000 and $70,000 until then.\u00a0<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/X4OEWfJy\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">Bitcoin is now trading at $67,633. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<h2><b>Bitcoin Breakout Could Be Closer Than Expected\u00a0<\/b><\/h2>\n<p><a href=\"https:\/\/bitcoinist.com\/dogecoin-doge-price-can-reach-1\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Crypto analyst Mikybull Crypto<\/span><\/a><span style=\"font-weight: 400\"> 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><a href=\"https:\/\/bitcoinist.com\/bitcoin-broadening-wedge-formation-indicates-crash-below-30000\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">broadened wedge<\/span><\/a><span style=\"font-weight: 400\"> on the daily chart and that the \u201cbreakout is closer than you think.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">He claimed that $85,000 is the breakout target for Bitcoin.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-610978\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_00966e.png?resize=641%2C374\" alt=\"\" width=\"641\" height=\"374\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_00966e.png?w=641 641w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_00966e.png?w=460 460w\" sizes=\"(max-width: 641px) 100vw, 641px\"><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum-bloodbath-over-55-million-in-longs-liquidated-as-price-plummets\/\" target=\"_blank\" rel=\"noopener \">Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets<\/a><\/div>\n<p><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-57938-level-to-watch\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Crypto analyst BitQuant<\/span><\/a><span style=\"font-weight: 400\"> 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><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">current ATH of $73,000<\/span><\/a><span style=\"font-weight: 400\">. The chart he shared showed that Bitcoin could rise to $92,000 when this move happens.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-610979\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6ecaa4.png?resize=635%2C289\" alt=\"\" width=\"635\" height=\"289\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6ecaa4.png?w=635 635w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_6ecaa4.png?w=460 460w\" sizes=\"(max-width: 635px) 100vw, 635px\"><\/p>\n<p><em>Featured image from Getty Images, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;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":"\n<title>Bitcoin Enters Dreaded &#039;Chop Season&#039; - 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:\/\/uniquehot.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 &#039;Chop Season&#039; 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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