U.Today – (BTC) is currently showing no momentum and its sideways movement has continued. It seems that the largest cryptocurrency on the market is stuck in this consolidation range between $60,000 and $62,000. However, many in the community still anticipate a massive price breakout. They still believe in the “Uptober” theory for the price of Bitcoin.
Among them is notable cryptocurrency analyst and trader Jelle. On X (formerly Twitter), he shared a deep analysis of the current market situation and gave a massive BTC price prediction. The analyst explained that the consolidation phase in the summer bull market phases historically ends around the last 10 days of October.
New Bitcoin All-Time High?
The analyst believes that the “cutoff” phase, in which BTC experiences frequent price drops, may also end around this period in 2024. According to Jelle, if history repeats itself and Bitcoin follows the same pattern, the market may see the beginning. of a big breakout in the price of the leading currency. The analyst predicted that Bitcoin price could reach a new all-time high (ATH) in the next two to three weeks.
According to his prediction, the Bitcoin chart looks ready to start this possible bull run. The current all-time high for BTC is around $73,780. The coin reached this milestone in March this year after the launch of Bitcoin spot ETFs in January. Now, Jelle expects a new ATH in late October or early November.
At press time, Bitcoin is trading around $61,788 after a 1.75% drop in the last 24 hours. Bitcoin has been trading in this channel, and the “cutting season,” a term used by Jelle, appears to continue. However, Jelle analysis claims that this phase will end soon and that new highs are ahead for Bitcoin.
This article was originally published on U.Today.
