3 months ago
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With Bitcoin consolidating between the $58,000 and $61,000 price level, cryptocurrency analyst and trader, Bob Loukas in a cautionary statement, has forewarned investors that the price stasis of the crypto asset is likely to remain, noting that no notable rally will take place before the middle of September.
Loukas popular for his unbiased assessment of the market offered his insights on BTC’s current price action after receiving multiple requests from the crypto community about his opinion toward the coin’s movement.
Bitcoin To See A Major Upward Movement Next Month
Following a recovery from a broader market crash last week, Bitcoin has been struggling to surpass the $61,000 resistance mark. As a result, the crypto expert, Bob Loukas expects BTC to initiate a major rally after mid-September, indicating an extended period of price consolidation.
Loukas’ prediction comes in light of an ongoing general market uncertainty and fear, causing normal investors to dump their BTC holdings in order to prevent further losses as BTC has dropped below $60,000 once again.
In his post on the X (formerly Twitter) platform, the analyst claims that Bitcoin was flushed out recently and it is still in a huge accumulation zone. However, he has warned investors not to anticipate any rally until at least the middle of September.
No major rally till mid-September | Source: Bob Loukas on X
Meanwhile, it is possible that the bulls may have to hold out until the weekly cycle low, which is a 9-month range, in December. While the crypto expert expects the bulls to wait through the weekly cycle low in December, he noted that spot Bitcoin Exchange-Traded Funds (ETFs) holders would be put to the test and there is always an opportunity for surprise.
He further mentioned that deeper lows might raise doubts about the bull market as a whole, but by then, it would probably be too late to desire to take action. Nonetheless, the analyst believes there is little reason to doubt that the 4-year Cycle high would still occur in mid-to-late 2025 while predicting the price of Bitcoin to soar to about $100,000 and beyond at that time.
“So that keeps me sane and don’t care about election,” he added. Thus he has urged investors to be patient and trust in the largest crypto asset’s potential to attract significant gains in the long term.
BTC Faces Heightened Price Swings
Investors’ uncertainty and fear seem to have generally increased as Bitcoin continues to see notable price swings. According to the trading platform, TOBTC, Bitcoin is now more vulnerable to significant price swings on the weekends because of the concentrated liquidity during the week, particularly with the emergence of BTC spot ETFs in the United States.
Considering Kaiko Research data, TOBTC stated that this shift raises the possibility of extreme weekend volatility when BTC‘s price fluctuates excessively across exchanges, as evidenced by the recent sell-off on August 5. Furthermore, with rising institutional and ETF activity, the sell-off risk has increased due to decreased weekend trading volumes.
Featured image from iStock, chart from Tradingview.com
