Bitcoin had a bumpy start to October, which was predicted to bring significant increases and new highs. While the tensions between Iran and Israel have negatively affected BTC and altcoins, analysts remain optimistic about October.
At this point, analyst Bob Loukas argued that Bitcoin has entered the “explosive” period of its four-year cycle.
Stating that Bitcoin is following a “perfect scenario” within its four-year cycle and will enter its third year of historical uptrend in November, the analyst said that BTC could rise above $150,000 in this uptrend cycle.
Loukas used a four-year cycle to identify tops and bottoms in Bitcoin, saying that BTC is currently accumulating within a descending broadening wedge following its decline from its all-time high of $73,835 reached on March 14.
“Bitcoin has been consolidating for 8 months and has created a good base. Investor sentiment has reset and rates are easing. So the scenario is perfect.
After consolidating for eight months and forming a falling wedge, BTC could rally over 59% from its current $62,000 level, as per historical patterns.
Bitcoin closes out the second year of its four-year cycle next month and enters its third and historically explosive year.
If Loukas’ prediction comes true, it would see Bitcoin trading between $150,000 and $200,000 at the peak of this cycle, up more than 59% from its current price of $62,000.
*This is not investment advice.
