Analyst Bob Loukas has predicted that Bitcoin is not going to “look again” after surpassing the $106,000 degree once more since it would kickstart a brand new bullish cycle for the main cryptocurrency.
Loukas believes that the flagship cryptocurrency will ultimately backside out on the finish of February earlier than resuming its uptrend.
Bitcoin has thus far been range-bound for greater than a month after failing to surge above the $110,000 degree on a number of events.
The main cryptocurrency is at present buying and selling at $98,262, in line with CoinGecko knowledge. It’s at present down greater than 9% from the report peak that was achieved roughly 17 days in the past.
“Contemporary meat ain’t coming”
Earlier, Loukas additionally opined that this was the “eat-each-other” crypto cycle. “The contemporary meat ain’t coming,” he added.
The dealer believes that this can be a Bitcoin-only cycle, pouring chilly water on some altcoins. He believes that Litecoin, for example, is not going to see any demand from conventional finance even when it does handle to get its personal spot exchange-traded fund within the U.S.
Associated
Bitcoin dominance not too long ago skilled a pointy enhance throughout a sell-off triggered by commerce disputes.
Bitcoin to $200,000
Loukas didn’t point out a selected worth goal in his latest publish. With that being mentioned, banking big Normal Chartered not too long ago predicted that the worth of Bitcoin may surge to $200,000 this yr, that means that it’ll greater than double from right here.
In the meantime, Fundstrat’s Tom Lee not too long ago forecasted that Bitcoin would report a correction earlier than resuming the uptrend.