Cryptoanalyst ShardiB recently revealed that bitcoin has entered the 'snacking season'. This is important as it could be a while before the flagship cryptocurrency finally archives that breakout, which will send it to bitcoin-breaks-through-69000-setting-new-record/” target=”_blank” rel=”nofollow”>new all-time highs (ATH).
Related reading
How the cutting season will affect the price of bitcoin
While he revealed that bitcoin was about to enter cutting season, Shardi B x.com/ShardiB2/status/1796567431055380894″ rel=”nofollow”>implied that the season would be filled with more sideways moves for the flagship cryptocurrency. The analyst referred to the fact that btc has continued attempt to escape of its current scope, but so far it has failed in all attempts.
The crypto analyst stated that this would remain the reality of the main currency for a few more months, ahead of the cutting season. The analyst suggested that it would be better to buy bitcoin-enters-consolidation-phase-an-analysts-set-their-sights-on-this-major-crypto/” target=”_blank” rel=”nofollow”>bitcoin now and “hang in there and enjoy life for a few months without getting cut.”
In fact, the flagship cryptocurrency has maintained tepid price movement since the halving event as it continues to consolidate. bitcoin also has could not retain $70,000 as support every time it has broken above that level for a while now. bitcoin-halving-investors-btc/” target=”_blank” rel=”nofollow”>Cryptography expert Michael van de Poppe mentioned that crypto managing to break out of this range is what will drive the bitcoin-bull-market-glassnode/” target=”_blank” rel=”nofollow”>bitcoin bull run and send it to new ATHs.
crypto Analyst Rekt Capital also echoed a similar sentiment by suggesting 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 in a downtrend, having fallen as low as $67,000 in the last 24 hours. Rekt Capital added that previous cycles indicate that bitcoin is still several weeks away from entering this parabolic phase.
Meanwhile, Arthur Hayes, co-founder and former CEO of BitMEX, suggested that this cutting season would last until August, while predicting that bitcoin would continue to fluctuate 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 after his comments that bitcoin has shown a bitcoin-broadening-wedge-formation-indicates-crash-below-30000/” target=”_blank” rel=”nofollow”>widened wedge on the daily chart and that “the breakout is closer than you think.”
He stated that $85,000 is the breakout target for bitcoin.
Related reading
BitQuant crypto Analyst He also suggested that a breakout is imminent, stating that bitcoin is about to make a “big move, which could start at any time.” He stated that the flagship cryptocurrency is following the same pattern as in February and March when it peaked. bitcoin-breaks-through-69000-setting-new-record/” target=”_blank” rel=”nofollow”>Current ATH of $73,000. The chart he shared showed that bitcoin could rise to $92,000 when this move occurs.
Featured image from Getty Images, chart from TradingView
