Bitcoin (BTC) Poised for Potential Historic Price Breakout: Insights Shared By U.Today

Bitcoin (BTC) is currently experiencing a stagnant phase, exhibiting little momentum as it continues to move sideways within a consolidation range of approximately $60,000 to $62,000. Despite this lack of movement, many within the cryptocurrency community are optimistic about a significant price breakout, holding on to the belief in the “Uptober” theory pertaining to Bitcoin’s price.

One such optimistic voice is trader and analyst Jelle, who shared his analysis of the current market conditions on social media, providing an ambitious price forecast for BTC. He noted that historically, consolidation phases during summer bull markets tend to conclude within the last ten days of October.

### Could Bitcoin Reach a New All-Time High?

Jelle posits that if the current “chop” phase—characterized by frequent price fluctuations—mirrors past trends, it may also wrap up around this same time frame next year. If historical patterns hold, we could be on the brink of a considerable price breakout for Bitcoin. Jelle anticipates that BTC could reach a new all-time high (ATH) within the next few weeks.

He pointed out that the current ATH for Bitcoin sits at approximately $73,780, a milestone achieved in March after the rollout of Bitcoin Spot ETFs in January. Jelle foresees potential new heights for the cryptocurrency by late October or early November.

As of the latest update, Bitcoin is trading at around $61,788, having experienced a 1.75% decline in the past 24 hours. The currency remains within this trading range, and according to Jelle, the “chop season” is still in effect. However, his analysis suggests that this phase may be nearing an end, and new record highs could soon be on the horizon for Bitcoin.