Bitcoin Price Moves From 56 To 60-Day Cycle After Crash Below $100,000, What To Expect Next
Market dynamics for Bitcoin price take an interesting turn as the cryptocurrency adjusts to its cyclical pattern after a sharp decline Below the psychological price level of $100,000. Cryptocurrency analyst Bob Loukas shared his views on social media platform X, noting that the cycle could shift from 56 days to 60 days. According to analyststhis improve The question is whether Bitcoin can rebound from here or continue to consolidate over the next two months.
Bitcoin Price Shifts to 60-Day Cycle
The cryptocurrency market is Affected by cyclical patterns This has become an important part of technical analysis by cryptocurrency analysts. These cycles are defined by repeating patterns of highs, lows, and consolidation, and analysts use these cycles to look at past performance to predict future price movements. These are often combined with technical indicators such as Fibonacci extensions and retracements and Elliott wave pattern.
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In the case of Bitcoin, the price movement of Bitcoin current bull market The close mirroring of previous cycles highlights this. According to technical analysis, the leading cryptocurrency has been operating on a 56-day cycle for most of the current market cycle. This 56-day cycle was notable for Bitcoin’s breakout of various price levels until it crossed the six-figure threshold of $100,000.
After breaking above $100,000, Bitcoin seemed to stumble at first, but eventually regained a little momentum, reaching an all-time high of $108,135 on December 17. However, since then, Bitcoin has entered a correction phase, even falling to $92,800. This all-time high comes three days after it was reached.
As cryptocurrency analyst Bob Loukas pointed out, the massive correction and consolidation over the past two weeks has pushed Bitcoin into a 60-day cycle. This change in cycle, although only a few days, could have far-reaching consequences, and it remains to be seen how the market reacts.
Is the recent decline enough to warrant a reset?
The shift to a 60-day cycle signals a subtle but meaningful change in Bitcoin’s market behavior. At the time of writing, Bitcoin is about to begin a new cycle count that will end within the next 60 days. During these 60 days, two possible scenarios may occur.
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first scene bullish momentum The recent sharp correction may have reset the cycle. In this case, we may see Bitcoin rise to new all-time highs within the next 60 days.
The second scenario is less optimistic. This opens up the possibility of Bitcoin consolidating and trading in a tight range over the next two months.
As of this writing, Bitcoin is trading at $96,146. If Bitcoin successfully transitions to the 60-day cycle and avoids another consolidation, it could pave the way for a recovery to levels above $100,000 Overall bullish momentum Q1 2025.
Featured image created using Dall.E, chart from Tradingview.com
