Bitcoin Analyst Predicts Explosive Price Surge Above $150,000
According to analyst Bob Loukas, Bitcoin is currently following a price pattern that could lead to a significant surge in its value, potentially surpassing $150,000.
Bitcoin’s price has experienced a turbulent start to October, a month that many believe could drive the leading cryptocurrency to new heights. In comparison, the previous two Octobers saw Bitcoin surge by 28.52% and 5.56% respectively. However, so far this month, the asset has seen a 1.41% decrease from its closing price in September.
The remarkable price performance has been influenced by rising geopolitical tensions, global economic concerns, and the upcoming US November election. Despite these factors, analyst Bob Loukas believes that Bitcoin’s price movement is following a perfect script, indicating that the cryptocurrency is on track for a significant price surge.
Loukas suggests that Bitcoin will complete the second year of its four-year cycle in November, entering the penultimate year. Historically, the third year of the Bitcoin cycle has been highly bullish, and Loukas predicts that it will see a surge above $150,000.
Loukas also points out that Bitcoin has formed an eight-month base, which sets it up perfectly for an upsurge. The cryptocurrency has been consolidating within a falling wedge pattern since reaching its all-time high of $73,949 in March. Loukas believes that it will break out of this pattern and reach new record prices in the third year.
A chart included in Loukas’ analysis shows that Bitcoin could grow by over 59% from its current price of $62,213 to reach between $150,000 and $200,000 during this cycle. However, for Loukas’ predictions to be confirmed, Bitcoin will need to break above the baseline and break out of the falling wedge pattern.
Other analysts have also made similar predictions of a price surge for Bitcoin. Veteran trader Peter Brandt and Morgan Creek’s CEO Mark Yusok both assert that the cryptocurrency will reach $150,000 by 2025.
Loukas attributes his perfect Bitcoin script to positive sentiment and decreasing interest rates in the macroeconomic environment. These conditions are seen as catalysts for the impending surge in Bitcoin’s price.
It is worth noting that Bitcoin experienced a surge to $66,000 shortly after the Federal Reserve reduced interest rates by 50 basis points on September 18. While the latest US employment data has cast doubt on a rate cut in November, Fed Chair Jerome Powell has suggested that there may be two more interest rate reductions this year.
Additionally, there has been a notable increase in interest in Bitcoin as investors anticipate a price increase. The term ‘btc’ has been trending in search engines as traders seek trading strategies to capitalize on potential price appreciation.
Bullish sentiment surrounding Bitcoin has also grown, fueled by factors such as institutional interest and large-scale purchases by whales. These developments support Loukas’ prediction of an explosive surge in Bitcoin’s value to $150,000.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article are the author’s opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.