Anika Begay
With Bitcoin consolidating between the $58,000 and $61,000 price levels, cryptocurrency analyst and trader, Bob Loukas, in a cautionary statement, said forewarned investors that the cryptocurrency’s price stagnation is likely to persist, noting that no noteworthy rally will occur before mid-September.
Loukas, known for his unbiased assessment of the market, offered his opinion on the current price movement of BTC after receiving numerous requests from the cryptocurrency community regarding his opinion on the movement of the coin.
Bitcoin to See Major Upside Move Next Month
After recovering from last week’s broader market slump, Bitcoin struggled to break above the $61,000 resistance level. As a result, cryptocurrency expert Bob Loukas expects BTC to start a major rally after mid-September, indicating a prolonged period of price consolidation.
Loukas’s prediction comes in light of the current uncertainty and general fear in the market, which has prompted regular investors to sell their BTC holdings to avoid further losses as BTC has once again fallen below $60,000.
In his post on the X platform (formerly Twitter), the analyst claims that Bitcoin was recently knocked out and is still in a huge situation accumulation area. However, he warned investors not to expect any rally before mid-September.
In the meantime, it is possible that the bulls will 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 for the weekly cycle low in December, he noted that spot Bitcoin Exchange-Traded Fund (ETF) The starters would be put to the test and there is always the possibility of a surprise.
He also mentioned that deeper lows could raise doubts about the overall bull market, but by then, it would probably be too late to want to act. However, the analyst believes there is little reason to doubt that the top of the four-year cycle would still occur in mid-to-late 2025, while he expects the price of Bitcoin to rise to around 100,000 dollars and beyond that time.
“So that keeps me sane and I don’t care about the election,” he added. He then urged investors to be patient and have faith in the largest crypto asset’s potential to attract significant long-term gains.
BTC Faces Sharp Price Swings
Investor uncertainty and fear seem to be increasing overall, as the price of Bitcoin continues to see significant fluctuations. Second For the TOBTC trading platform, Bitcoin is now more vulnerable to significant price swings on weekends due to concentrated liquidity during the week, especially with the emergence of spot BTC ETFs in the United States.
Considering data from Kaiko Research, TOBTC said that this change increases the possibility of extreme volatility over the weekend when BTCThe price fluctuates excessively across exchanges, as demonstrated by the recent sell-off on August 5. Additionally, with the increase in institutional and ETF activity, the risk of a sell-off has increased due to the decrease in trading volumes over the weekend.
Featured image from iStock, chart from Tradingview.com
