Bitcoin (BTC) is currently trading between $60,000 and $62,000, experiencing a period of low momentum. Notable analyst Jelle predicts an end to this consolidation phase by late October, anticipating a potential new all-time high in the following weeks. As of now, Bitcoin is priced around $61,788, with expectations of a bull run developing soon.

Bitcoin (BTC) is presently experiencing a lack of momentum, remaining in a consolidation phase that fluctuates between $60,000 and $62,000. Despite the current stagnant movement, many within the crypto community maintain their optimism regarding a significant price breakout, particularly during the anticipated “Uptober” phase. Noteworthy crypto trader and analyst Jelle has shared a comprehensive analysis via X (previously Twitter), predicting that the typical consolidation phase seen during historical summer bull markets tends to conclude in the final ten days of October. Jelle posits that the current period of price fluctuation, characterized by frequent dips, may similarly culminate around this time in 2024. He anticipates that should Bitcoin adhere to its historical patterns, a substantial price breakout could be imminent. Jelle forecasts that Bitcoin could achieve a new all-time high (ATH) within the next two to three weeks, given that the charts indicate a potential bull run is on the horizon. The existing all-time high for BTC, approximately $73,780, was reached in March this year, following the introduction of Bitcoin Spot ETFs in January. Jelle is looking for a new ATH to materialize by late October or early November. As of the latest data, Bitcoin is trading at approximately $61,788, having recently declined by 1.75% over the past 24 hours. The asset continues to navigate within this range, as Jelle has termed this ongoing period the “chop season.” However, his analysis suggests that this phase is nearing its conclusion, paving the way for potential new highs for Bitcoin.

The topic revolves around the current market condition of Bitcoin, the leading cryptocurrency. Presently, Bitcoin has been exhibiting a sideways trend in its price, engaging in a consolidation phase around the $60,000 to $62,000 range. The community remains hopeful for a significant price breakout, especially during the traditionally bullish month of October. Historical trends indicate that past consolidation phases during summer bull markets often conclude with price surges at the end of October. This analysis is bolstered by input from respected figures in the cryptocurrency market, who provide predictions based on historical patterns.

In summary, Bitcoin is at a crucial juncture within its market trajectory, hovering in a range-bound state while optimistically positioning itself for a significant breakout in the near future. Analysts predict that if historical patterns hold true, Bitcoin could potentially reach new all-time highs by late October or early November, reinforcing the community’s reliance on the ‘Uptober’ phenomenon. Continuous observation of market trends and expert analysis remains essential for investors and enthusiasts alike.

Original Source: u.today

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