Analyst Bob Loukas Predicts Bitcoin Could Reach $153,000 Despite Pullback
Market analyst Bob Loukas provided an update on Bitcoin's price trajectory, noting a 22% pullback from its recent high of approximately $110,000. He emphasized that this volatility is typical for Bitcoin and not unexpected:
- Bitcoin currently trades around $87,000.
- A potential drop to the mid-$80,000s or low $70,000s remains possible, reflecting a 30% drawdown.
- Such corrections serve as a "fear reset," allowing late buyers to capitulate.
Loukas analyzes Bitcoin through a four-year cycle and shorter weekly cycles, asserting that current trends align with historical patterns. Key points include:
- First sale target set at $153,000, contingent on where the decline bottoms.
- Potential for an 80% upward move during the next upswing.
- Concerns arise if the market fails to surpass recent highs after establishing a new low.
Loukas noted a significant decoupling of Bitcoin from altcoins, indicating a lack of sustained interest in alternative tokens. He views Bitcoin as maturing into a distinct asset class attracting institutional investments.
He sees no signs of a cycle top, projecting another bullish leg until late 2025, while remaining cautious about potential failure of the current cycle. At press time, BTC is priced at $86,562.
