Bitcoin’s Been Stuck in a Rut
Bitcoin’s price has been pretty flat for the past eight months, and some people are starting to worry that the bull run is over. A lot of things have happened, like the Bitcoin ETF getting delayed and the halving coming and going without much of a price jump. Even though traditional markets are doing well, Bitcoin seems to be lagging behind. Altcoins are also struggling, with only memecoins really seeing any action.
But This Analyst Sees a Silver Lining
Crypto analyst Bob Loukas isn’t worried. He sees this consolidation as a good thing, especially considering the four-year cycle of Bitcoin. He believes that the market is just resetting sentiment and getting ready for the next big move.
Why Loukas Is Bullish
Loukas points to a few reasons why he thinks Bitcoin is about to break out:
- Institutional Interest: Big investors are buying up Bitcoin, and they’re not selling.
- Government Support: Governments like Germany and the US have been buying Bitcoin, which has helped to stabilize the price.
- ETF Still on the Horizon: The Bitcoin ETF is still in the works, and it could be a major catalyst for the market.
- The Third Year is the Magic Year: Loukas believes that the third year of the four-year Bitcoin cycle is when things really start to heat up.
The Next 90 Days Could Be Huge
Loukas predicts that Bitcoin will break out of its consolidation range within the next 90 days. He expects to see a lot of green candles, with only a few red ones. While he doesn’t give a specific price target, he thinks Bitcoin could reach somewhere between $120,000 and $180,000.
What About the Election?
Loukas acknowledges that the US election in November could have an impact on the market. He believes that a GOP win could be good for Bitcoin, but ultimately, he doesn’t think it will matter that much. Bitcoin has been successful even when governments have been hostile, so he’s not too worried.
The Bottom Line
Loukas is confident that the Bitcoin bull run is far from over. He sees this consolidation as a necessary step before the market takes off again. He believes that the next few months could be very exciting for Bitcoin investors.
