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Bitcoin (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 around $60,000 to $62,000. However, many in the community are still anticipating a massive price breakout. They still believe in the "Uptober" theory for the Bitcoin price.
Among them is notable crypto trader and analyst Jelle. Taking to X (formerly Twitter), he shared an insightful 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 thinks that the "chop" phase, where BTC sees frequent price dips, may also end around this time period in 2024. According to Jelle, if history repeats itself and the same pattern is followed by Bitcoin, the market may see the start of a huge price breakout for the leading coin. The analyst predicted that the Bitcoin price may hit a new all-time high (ATH) in the next two to three weeks.
Per his prediction, the Bitcoin chart looks ready to ignite this potential bull run. The current all-time high of BTC is around $73,780. The coin achieved this milestone in March of this year after the launch of Bitcoin Spot ETFs in January. Now, Jelle is expecting a new ATH by the end of October or the start of November.
As of press time, Bitcoin is trading around $61,788 after a drop of 1.75% in the last 24 hours. Bitcoin has been trading around this channel, and the "chop season," a term used by Jelle, seems to be continuing. However, Jelle’s analysis states that this phase is going to be over soon, and new highs are in the cards for Bitcoin.