Originally published on: October 08, 2024
As Bitcoin hovers below its 2021 peak of $69,000, trader Bob Loukas predicts the cryptocurrency is gearing up for a monumental surge in its four-year cycle.
Loukas points out that Bitcoin is set to complete its second year in the cycle and move into the historically explosive third year. Drawing parallels from past trends, he anticipates the market hitting new highs in the current cycle.
The expert notes that Bitcoin is currently consolidating within a descending broadening wedge pattern post its drop from the all-time peak of $73,835 in March. Loukas expects Bitcoin to kick off a parabolic uptrend soon, fueled by changing investor sentiment and expected interest rate cuts.
Amidst global tension and economic uncertainties, the market remains on edge due to the upcoming US presidential election and doubts surrounding the economy’s health.
For bulls to retain control, they must break the eight-month consolidation phase by closing above the upper trendline of the broadening wedge pattern in October, signaling the entry into the third year of the cycle.
Analysts at Santiment have noted a surge in investor interest in Bitcoin in the last quarter of the year, pointing towards a potentially bullish “Uptober” and a trend towards a bull run in 2024. Moreover, institutional demand is on the rise, especially with expectations of more spot ETFs.
If speculative buying persists, fear of missing out (FOMO) could trigger a substantial rally, aligning with Loukas’s predictions.
With increasing institutional interest and a resurgence in net inflows to US-based spot Bitcoin ETFs, Bitcoin stands to follow a positive Q4 trajectory and track the four-year cycle.
It is important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research and analysis before making investment decisions.
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