Bitcoin’s price is reportedly following a pattern that could lead to a breakout above $150,000, according to market analyst Bob Loukas. He has recently compared the current state of BTC to a “perfect script.”
Loukas pointed out that the leading cryptocurrency continues to perform well, including minor fluctuations in the first days of October.
Loukas Predicts Bitcoin Price Surge Based On Historical Cycles
According to Loukas, the leading crypto may embark on the third year of a four-year cycle. It has historically been very bullish for the currency. He anticipates that Bitcoin will move out of the current range-bound trading and possibly rise to between $150,000 and $200,000.
– Advertisement –
He reached this conclusion by analyzing past price cycles of Bitcoin, during which the third year witnessed major price rises.
The analyst stated that Bitcoin built an 8-month base within the falling wedge pattern after the all-time high of $73,949 in March. In the analyst’s view, the next major leg up in the price requires a very strong base.
He noted that this level will be a breakout of this pattern. BTC could jump by more than 59% from the current $62,213.
Supporting Predictions from Other Analysts
Loukas is not the only market expert who anticipates that the prices of Bitcoin will rise considerably. Top trader Peter Brandt and Morgan Creek Capital CEO, Mark Yusko also believe Bitcoin can touch $150k by 2025.
Brandt’s analysis, in particular, is based on the analysis of the price dynamics of Bitcoin after the halving event. As a rule, the event is followed by a strong bullish trend. Brandt expects Bitcoin to reach a peak of $135,000 in the current cycle by August or September 2025.
His predictions align with the historical post-halving cycle price gains of the crypto. However, Brandt has also cautioned that if Bitcoin drops below $48,000, it could invalidate his bullish outlook. As of now, Bitcoin is trading at around $61,747, down 2% this month.
The optimistic projections for Bitcoin are underpinned by a improving macroeconomic environment with hopes of rate cuts continuing to rise. Loukas noted that Bitcoin increased to $66,000 within days of the Federal Reserve reducing interest rates by 50 basis points in September.
However, recent US employment statistics slightly affected expectations of another rate cut in November. Federal Reserve Chairman Jerome Powell suggested two more cuts this year.
Investor interest has also climbed in the past few weeks as well as in the last month. According to Santiment search trends, the term “btc” spiked in search engines.
Traders are seeking ways to make profits from the anticipated price rise of BTC. Whale buy-ins and institutional traction have also added to the bullish sentiment regarding the asset.
Bitcoin Network Activity and New Addresses on the Rise
The Bitcoin network has also been growing and has witnessed the ‘dormant’ coins being actively transferred back into circulation. Data from Santiment revealed that the daily on-chain transaction volume reached $37.4 billion on October 7. It is the highest in over seven months.
This rise in the volume of transactions is often viewed as an approximate predictor of the future price rise.
Furthermore, data from IntoTheBlock showed that the number of new Bitcoin addresses surged. More than 325,870 new addresses were established in the first week of October alone.
This 11.54% increase in new addresses points to an increase in the number of Bitcoin users. In the past, increased new addresses have been linked with the increase in the price of Bitcoin, as experienced in prior bull runs.
