Analyst Predicts Bitcoin To Reach $150K All-Time High This Cycle

A seasoned trader claims that Bitcoin is adhering to a perfect script that could lead to a potential cycle high of $150,000.

Source: cryptorank.io

Bitcoin's price is currently consolidating below its all time high of $69,000, reached in 2021, and independent trader Bob Loukas believes this phase is setting the stage for an explosive period in its four year cycle. In a post on X dated October 8, Loukas highlighted that Bitcoin will be closing the second year of its cycle next month, transitioning into the third year, which has historically been a time of significant upward momentum.

Loukas relies on a four-year cycle framework to analyze Bitcoin's market behavior, using historical data to identify potential tops and bottoms. He points out that the patterns observed in previous cycles can provide valuable insights for investors looking to predict when the market might peak in the current cycle. At present, Loukas sees Bitcoin accumulating within a descending broadening wedge formation after its drop from the all-time high of $73,835, which was reached on March 14. This technical analysis suggests that the cryptocurrency is in a period of consolidation, where it may be gathering strength for a future breakout.

Looking ahead, Loukas predicts that Bitcoin could soon enter a parabolic uptrend. He attributes this potential shift to changing investor sentiment and the likelihood of interest rate cuts, both of which could contribute to renewed buying pressure in the market. As these factors align, he believes that Bitcoin's price could experience significant upward movement, marking a critical phase in its four-year cycle. Loukas's analysis emerges amid a climate of general market uncertainty and fear, driven by a combination of ongoing geopolitical tensions, the impending US presidential election, and growing concerns regarding the overall health of the US economy. These factors contribute to a volatile environment that influences investor sentiment and market behavior.

In light of these challenges, bulls will need to maintain the eight-month base established in October by achieving a monthly candlestick close above the upper trend line of the broadening wedge pattern. Such a close would serve as a critical confirmation that Bitcoin is poised to enter the third year of its four-year cycle, historically characterized by significant upward momentum. Against this backdrop of cautious optimism, analysts at blockchain analytics firm Santiment have observed a notable increase in investor interest in Bitcoin as the fourth quarter approaches. They noted that analysts and community members continue their optimism about Uptober and the potential for a bull run in 2024. There is also a growing institutional interest in Bitcoin, particularly with the anticipation of further spot ETFs. This rising enthusiasm indicates that investors are positioning themselves for potential gains, as sentiment shifts towards a more bullish outlook.

If speculative buying persists, the resulting fear of missing out (FOMO) could catalyze a substantial price bounce, as Loukas has suggested. This phenomenon often occurs in crypto markets, where heightened interest can lead to rapid price increases as more investors jump in, eager to capitalize on upward trends. Furthermore, the increasing institutional demand for Bitcoin, coupled with a resurgence of net inflows into US-based spot Bitcoin ETFs, aligns well with the positive narrative expected for the fourth quarter. These developments signal a strengthening market environment, suggesting that Bitcoin could follow a trajectory consistent with its historical four-year cycle. 

As institutional players become more engaged and retail sentiment turns optimistic, Bitcoin may well experience the kind of momentum that propels it to new heights. In summary, while the market faces several external challenges, the potential for a bullish shift remains strong, supported by favorable technical patterns and increasing interest from both retail and institutional investors.

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