Bitcoin
Bitcoin Enters Dreaded ‘Slashing Season’
Crypto analyst ShardiB recently revealed that Bitcoin has entered ‘cutting season’. This is significant as it may take a while for the crypto major to finally file this breakout, which will send it to new all-time highs (ATHs).
How shaving season will affect the price of Bitcoin
By revealing that Bitcoin was about to enter shaving season, Shardi B suggested that the season would be full of lateral moves for the top crypto. The analyst made reference to the fact that BTC continued to try to leave of its current range, but has failed in every attempt thus far.
The crypto analyst stated that this would continue to be the reality for the top coin for a few more months heading into shaving season. The analyst suggested that it might be better to buy Bitcoin now and “hang in there and enjoy life for a few months without getting cut off.”
In fact, the flagship crypto has maintained tepid price movement since the halving event as it continues to consolidate. Bitcoin too failed to retain $70,000 as support whenever it surpassed that level some time ago. Cryptography expert Michael van de Poppe mentioned that crypto successfully breaking out of this range is what will kick off the Bitcoin bull run and send it to new ATHs.
Crypto Analyst Rekt Capital also echoed a similar sentiment by suggesting that Bitcoin is one step away from entering the parabolic phase of this market cycle. Interestingly, the crypto analyst presented 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, this 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 slicing season would last until August, while predicting that Bitcoin would continue to range between US$60,000 and US$70,000 until then.
Bitcoin breakout may be closer than expected
Mikybull Crypto Crypto Analyst suggested in a recent X (formerly Twitter) post that Bitcoin’s advance could happen sooner than expected. This followed his observations that Bitcoin exhibited a flared 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.
BitQuant Crypto Analyst 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 crypto is following the same pattern as in February and March when it reached its Current ATH of $73,000. The chart he shared showed that Bitcoin could rise to $92,000 when this change happens.
Featured image from Getty Images, chart from TradingView