Bitcoin’s recent climb past $99,000 has stirred plenty of excitement, and some analysts are already mapping out potential paths for where it could go next. One of these is Bob Loukas, known for his insights into Bitcoin’s price movements. Loukas suggests that Bitcoin could reach as high as $120,000 before the end of 2024, and his reasoning comes from a method called cycle analysis. Let’s break it down.
The Path to $120,000
Cycle analysis looks at recurring patterns in Bitcoin’s behavior, and Loukas has focused on a specific 60-day cycle. According to him, Bitcoin often starts these cycles with a strong move upward, hitting a peak somewhere around the midpoint. Afterward, the price typically pulls back, marking the end of that cycle.
Right now, Bitcoin breaking through $99,000 makes Loukas’s projection seem a bit more plausible. In his bullish scenario, he expects Bitcoin to hit $120,000 within 45 days from now, followed by a pullback to around $100,000 by the end of 2024.
Running higher consolidation releasing now. This is the uber bull case for the remainder of this 60-day cycle. https://t.co/jbytSxF6ST pic.twitter.com/tqbtdGGJVs
— Bob Loukas (@BobLoukas) November 20, 2024
What’s Behind This Prediction?
Loukas doesn’t just throw numbers into the air. He compares the current 60-day cycle with those from previous bull markets to identify potential patterns. By spotting similarities, he develops scenarios for how Bitcoin might behave.
The Bigger Picture
Bitcoin’s price isn’t just about technical charts—it’s also shaped by real-world developments. For instance, companies like MicroStrategy continue to buy Bitcoin in massive quantities, and their actions often spark interest from others.
There’s also the U.S. government’s growing Bitcoin reserve to consider. Such developments can create big shifts in the market, ones that no chart or pattern can fully predict. While Loukas’s analysis focuses on historical cycles, he seems to leave room for these kinds of unexpected events.
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