As a seasoned researcher with a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs, bear markets, and everything in between. The current situation with Bitcoin (BTC) has me intrigued, especially after reading Jelle’s analysis on his platform X (formerly Twitter).
At present, Bitcoin (BTC) appears to lack forward thrust, with its movement remaining horizontal rather than trending upwards or downwards. Notably, Bitcoin seems to be stuck within a holding pattern around $60,000 and $62,000 on the market. Despite this, there’s a prevailing sense of optimism in the community, as they are hopeful for a significant price surge – often referred to as “Uptober” in relation to Bitcoin price predictions.
Notable crypto trader and analyst Jelle recently posted an insightful analysis on X (previously Twitter) about the current market situation, as well as a significant BTC price prediction. According to his analysis, the consolidation phase in summer bull markets traditionally concludes around the last 10 days of October.
New Bitcoin all-time high?
The analyst believes that the period where Bitcoin often experiences many price drops, known as the “chop” phase, might conclude around 2024. If past trends continue, Bitcoin could initiate a significant price surge, according to Jelle. The analyst anticipates that the price of Bitcoin may reach a fresh record high within the next two to three weeks.
Based on his forecast, the Bitcoin graph appears poised for an explosive surge that could spark this anticipated bull market. Currently, the record high for BTC is approximately $73,780, which it reached in March of this year following the introduction of Bitcoin Spot ETFs in January. Now, Jelle anticipates a new record high by the end of October or early November.
At the moment, I’m observing Bitcoin trading at approximately $61,788 following a 1.75% decline in the past day. This digital currency has been moving within a certain range, and it appears that the “chop season,” as coined by Jelle, is still ongoing. However, according to Jelle’s analysis, this phase may be nearing its end, and we might see Bitcoin reaching new record highs soon.
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2024-10-09 18:28