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bitcoin price market dynamics have taken an interesting turn as the cryptocurrency adjusts its cycle patterns. after a strong fall below the psychological price level of $100,000. crypto analyst Bob Loukas shared his perspective on social media platform According to the analystthis <a target="_blank" href="https://x.com/BobLoukas/status/1874858517368352948″ rel=”nofollow”>elevates The question of whether bitcoin could recover from here or continue its consolidation over the next two months.
bitcoin price change to a 60-day cycle
Cryptocurrency markets are influenced by cyclical patterns which have become an important part of the technical analysis of crypto analysts. These cycles are defined by repetitive patterns of highs, lows, and consolidations and are used by analysts who analyze past performance to predict future price action. They are often combined with technical indicators such as Fibonacci Extensions and Retracements and Elliot wave patterns.
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In the case of bitcoin, bitcoin price movements in the current bull market have been highlighted by a true reflection of previous cycles. According to technical analysis, the leading cryptocurrency has developed on a 56-day cycle for most of the current market cycle. This 56-day cycle was highlighted by bitcoin breaking through various price levels until it surpassed the six-digit threshold at $100,000.
After breaking above $100,000, bitcoin seemed to stumble at first, but eventually regained some momentum to reach an all-time high of $108,135 on December 17. However, since then, bitcoin has entered a correction phase, even falling as low as $92,800 just three days after reaching this all-time high.
As noted by crypto analyst Bob Loukas, this massive correction and consolidation over the past two weeks has led to bitcoin moving into a 60-day cycle. This change in cycle, even if it is just a few days, could have profound effects and it remains to be seen how the market reacts.
Was the recent decline enough for a reboot?
A move to a 60-day cycle suggests a subtle but significant change in bitcoin market behavior. At the time of writing, bitcoin is about to begin a new counting cycle that will unfold over the next 60 days. From now on, two possible scenarios could develop during those 60 days.
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The first scenario<a target="_blank" href="https://bitcoinist.com/wondering-when-to-sell-your-bitcoin–crypto-analyst-gives-exact-figure-for-2025/” rel=”nofollow”> It is a bullish impulse whether it is possible that the recent strong correction has already restarted the cycle. In this case, we could see bitcoin hitting new all-time highs in the next 60 days.
The second scenario is less optimistic. It opens up the possibility of bitcoin consolidating and trading within a tight range over the next two months.
At the time of writing, bitcoin is trading at $96,146. If bitcoin successfully transitions to a 60-day cycle and avoids another consolidation, it could pave the way for a recovery above the $100,000 level and bullish momentum in everything First quarter of 2025.
Featured image created with Dall.E, chart from Tradingview.com
