With bitcoin consolidating between the $58,000 and $61,000 price level, cryptocurrency analyst and trader, Bob Loukas, in a cautionary statement, has x.com/BobLoukas/status/1823735609413824674″ target=”_blank” rel=”noopener nofollow”>warned Investors believe that the crypto asset's price stagnation is likely to continue, noting that no notable rally will occur before mid-September.
Loukas, known for his unbiased assessment of the market, offered his thoughts on the current price of btc after receiving multiple requests from the crypto community for his opinion on the movement of the coin.
bitcoin will experience a major upward movement next month
After recovering from a broader market decline last week, bitcoin btc price has been struggling to break above the $61,000 resistance mark. As a result, cryptocurrency expert Bob Loukas expects btc to initiate a major rally after mid-September, indicating an extended period of price consolidation.
Loukas’ prediction comes amid widespread uncertainty and fear in the market, causing regular investors to dump their btc holdings to avoid further losses as btc has dipped below $60,000 once again.
In his post on the x platform (formerly twitter), the analyst claims that bitcoin was recently delisted and is still in a large accumulation However, he has warned investors not to expect any rebound until at least mid-September.
Meanwhile, the bulls may have to hold until the weekly cycle low, which is a 9-month range, in December. While the crypto expert expects the bulls to wait until the weekly cycle low in December, he noted that bitcoin Spot Exchange Traded Funds (ETFs) The owners would be put to the test and there is always the possibility of a surprise.
He further mentioned that deeper lows could raise doubts about the bull market as a whole, but by then, it would likely be too late to want to take action. Nonetheless, the analyst believes there is little reason to doubt that the 4-year cycle top would still occur in mid- to late-2025, while predicting that bitcoin price will surge to around $100,000 and beyond at that time.
“That keeps me sane and I'm not worried about the election,” he added, urging investors to be patient and trust in the potential of the largest crypto asset to bring significant gains in the long term.
btc faces more intense price swings
Uncertainty and fear among investors in general appear to have increased as bitcoin continues to experience notable price swings. x.com/_TOBTC/status/1823269935776452657″ target=”_blank” rel=”noopener nofollow”>According For trading platform TOBTC, bitcoin is now more vulnerable to significant price swings over weekends due to concentrated liquidity during the week, particularly with the rise of btc spot ETFs in the United States.
Taking into account data from Kaiko Research, TOBTC stated that this change raises the possibility of extreme volatility over the weekend when bitcoinbitcoin’s price fluctuates wildly across exchanges, as evidenced by the recent sell-off on August 5. Furthermore, with increasing institutional and ETF activity, the risk of liquidation has increased due to decreased trading volumes over the weekend.
Featured image from iStock, chart from Tradingview.com
