The recent shift in Bitcoin’s price dynamics has caught the attention of analysts as the cryptocurrency undergoes a change in its cycle patterns following a drop below the $100,000 mark. Bob Loukas, a crypto analyst, highlighted this shift on social media and suggested a move from a 56-day cycle to a 60-day cycle. This shift raises speculation on whether Bitcoin will bounce back or continue consolidating for the next couple of months.
Cryptocurrency markets are heavily influenced by cyclical patterns that analysts use to predict future price movements based on past performance. These cycles, characterized by repetitive highs, lows, and consolidations, are combined with technical indicators like Fibonacci extensions and Elliott Wave patterns. In Bitcoin’s case, the current bull market has followed a 56-day cycle until recently, when it transitioned to a 60-day cycle, potentially signaling significant changes ahead.
Bitcoin’s recent correction phase led to a drop in price to as low as $92,800 after reaching an all-time high of $108,135 on December 17. Analyst Bob Loukas pointed out this correction prompted a shift to a 60-day cycle, which could have significant implications for Bitcoin’s future price movements.
The move to a 60-day cycle indicates a shift in Bitcoin’s market behavior, potentially leading to two possible scenarios over the next two months. The first scenario suggests a bullish momentum if the recent correction reset the cycle, leading to new all-time highs. The second scenario is less optimistic, suggesting Bitcoin could consolidate within a narrow range for the next two months.
Currently trading at $96,146, Bitcoin’s transition to a 60-day cycle could determine its future trajectory. Avoiding further consolidation could pave the way for a recovery above $100,000 and bullish momentum throughout the first quarter of 2025.
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