The timing, however, raises eyebrows as the market battles downturn fears and prepares for a possible crypto meltdown.
Cryptocurrency analyst Bob Loukas has predicted that Bitcoin could reach $150,000 during the current bull run, despite the ongoing price dips and market concerns.
However, the timing of Loukas' remarks raises eyebrows, as Bitcoin has been struggling recently, plunging along with the market as a whole. Everyone in the market is also preparing for the possibility of a crypto market meltdown in the near future. Despite this, Loukas is still certain that Bitcoin's price will explode in the near future.
On the other hand, Loukas did identify a trend in Bitcoin's price cycles, which normally span four years. He claims that the current Bitcoin cycle is nearing its end and that the cryptocurrency will shortly enter its third year, a period typically characterized by substantial price increases. Over the previous eight months, he said, Bitcoin's price has solidified, resetting market opinion.
Loukas went on to say that lowering interest rates gives large rallies a better chance of happening. Coingape claims that his research shows that this prediction is in line with Bitcoin's price behavior in the past, which boosts market confidence.
A number of specialists in the cryptocurrency sector have predicted that the price of Bitcoin will increase. For instance, a recent analysis by seasoned trader Peter Brandt has generated a lot of buzz in the crypto market, as he predicts a Bitcoin rally to $135,000 per coin.
On the other side of things, Bitwise CIO Matt Hougan predicted that Bitcoin will reach $80,000 this quarter. Among the many factors he mentioned that might lend credence to the BTC rally in the days ahead are the impending US presidential election and the possibility of a Fed rate cut.
Finally, CryptoQuant recently cited renowned analyst Burak Kesmeci, who predicted that Bitcoin will continue to rise if it surpasses the $64.5K barrier. In addition, he cautioned that the crypto's decline below $61.6K could intensify the negative trend.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.