- Crypto analyst Bob Loukas predicts that Bitcoin is on track to surge past $150,000, following a well-established four-year cycle.
- Additionally, other analysts like Peter Brandt and Mark Yusko also share this optimistic outlook.
A renowned crypto pundit has come forward with a bullish prediction for Bitcoin, the undisputed leader of cryptocurrencies. Taking the stage in the X platform Bob Loukas predicted that Bitcoin is set to surge past $150,000, following a well-established price pattern. According to Loukas, Bitcoin closely follows a “perfect script” that has historically led to explosive price growth.
Sometimes a script looks to perfect, it's hard to believe.#bitcoin closes 2nd yr of 4 year Cycle next month, entering the 3rd & historically explosive year of the Cycle.
An 8 month base has been built, sentiment reset, and rates are easing.
I mean, the script is perfect. pic.twitter.com/id6EDXbh0u
— Bob Loukas 🗽 (@BobLoukas) October 8, 2024
Bitcoin commenced the month with an “Uptober” mood, often referred to by the crypto community due to the digital asset’s strong price performance during the period. Even though the beginning of this month has been more turbulent, with Bitcoin down 1.41% compared to its September closing price.
Despite this, analysts believe that the market is simply setting the stage for a significant breakout.
Bob Loukas, offering visual insight into BTC’s four-year cycle claims is key to understanding the asset’s current consolidation and future breakout. According to his analysis, Bitcoin will close the second year of this cycle in November, entering the historically bullish third year, where prices have surged in the past.
Additionally, Loukas highlighted that Bitcoin has been forming an eight-month base while consolidating within a falling wedge pattern since its all-time high of $73,949 in March.
This falling wedge is a common technical indicator that often leads to bullish price action once broken.
Loukas’ chart suggests that Bitcoin could see a 59% increase from its current price of $62,213, reaching highs between $150,000 and $200,000 in the third year of the cycle.
Loukas is not alone in his bullish outlook for Bitcoin. Notable analysts, such as veteran trader Peter Brandt and Mark Yusko, CEO of Morgan Creek, have also projected that Bitcoin could reach $150,000 by 2025. Their forecasts are supported by Bitcoin’s established four-year cycle and broader macroeconomic trends.
At the time of writing, BTC is currently swapping hands for $61,039.62 marking a 1.67% decline in the last 24 hours. However, this price also represents a 0.61% and 6.82% surge in the past week and month respectively.
Fading Interest from U.S. Investors Spark Debate about Bitcoin’s Longevity
In other news, Bitcoin’s recent surge to $64,000 has sparked debate about the longevity of its current bullish trend. While the price growth in March ignited optimism, the momentum has noticeably slowed down. One of the key factors contributing to this stagnation is the diminishing involvement of U.S. investors, whose previous influence on the market was critical.
In particular, the dwindling participation on platforms like Coinbase which is one of the largest cryptocurrency exchanges in the U.S. raises questions about whether Bitcoin can sustain its current price levels.
