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Sujit Kumar
Sep 5, 2024
by Sujit Kumar

Bitcoin Summer Chop Nears End, Analyst Predicts October Recovery

Bitcoin Summer Chop
Historically, Bitcoin prices tend to struggle during the summer months, and 2024 has been no exception. Since June, the leading cryptocurrency has experienced multiple flash crashes, plunging from over $70,000 to below $50,000. However, a prominent crypto analyst suggests that Bitcoin’s sluggish summer could be nearing its end, with a recovery potentially around the corner.

Analyst Predicts October End to Chop-Season

Crypto analyst Crypto Jelle has drawn parallels between the ongoing price decline and the summer chop of 2023, which lasted 219 days. According to his analysis, the current chop-season has persisted for 190 days, suggesting that it may conclude around early October if it follows the previous pattern. This prediction implies that Bitcoin’s price could remain choppy throughout September but signals that better times may be ahead. "If this chop-season lasts as long as the previous one, it will end around the start of October," the analyst noted.

Bitcoin Open Interest and Potential Recovery

 

Another respected analyst, CredibleCrypto, has echoed similar sentiments. After predicting a price drawdown to below $57,000, the analyst believes Bitcoin could be gearing up for a recovery. The recent drop in Bitcoin’s open interest (OI) could pave the way for a relief rally, although the analyst points out that buyers have yet to re-enter the market.

As the market watches closely, these insights offer cautious optimism for Bitcoin investors, with expectations for a more bullish trend as October approaches.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin Summer Chop
Bitcoin Summer Chop Nears End, Analyst Predicts October Recovery
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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