In the current market situation, Bitcoin price consolidation is raising concerns about a canceled bull run. Bob Loukas, a crypto analyst, released a video discussing the situation and the prospects for the market. Loukas acknowledges that factors such as the Bitcoin ETF being “out for quite some time” and the halving having “come and go” without significant upward price movement have contributed to market anxiety. However, he believes this period of consolidation is a bullish sign, as eight months of consolidation in Bitcoin’s price is a sign of a bullish four-year cycle. Loukas also emphasizes that despite challenges, Bitcoin remains “close to the all-time highs from the prior cycle.” He anticipates that within the next 90 days, the market will break out of its consolidating range and head towards the upside, with potential peak prices ranging between $120,000 and $180,000. Loukas also discusses factors such as the US election, macroeconomic trends, and historical cycles that could influence the market’s trajectory.
Source: video analysis