Analyst Bob Loukas has asserted that Bitcoin is following a perfect price pattern that could trigger an explosive price surge above $150,000.
Bitcoin’s price has had a choppy start to Uptober, a month widely speculated to drive the premier crypto asset to new highs. For context, the last two October saw Bitcoin respectively surge 28.52% and 5.56%. Meanwhile, the asset is down 1.41% so far from its September closing price.
Notably, the unprecedented price performance has been catalyzed by surging geopolitical tensions, global economic concerns, and the upcoming US November election. However, analyst Bob Loukas likened Bitcoin’s price performance to a perfect script, implying that the firstborn crypto is undisputedly on track for a price explosion.
Bitcoin Perfectly Following Script
Per Loukas, Bitcoin will close the second year of its four-year cycle in November, ushering it into the penultimate year. The analyst stated that the third year in the Bitcoin cycle has historically been super-bullish and expects an upsurge above $150,000.
Furthermore, Loukas noted that Bitcoin has formed an 8-month base, which is perfectly set for an upsurge. It has been consolidating in a falling wedge since its all-time high of $73,949 in March, with the analyst asserting that it would break out to record prices in the third year.
A chart accompanying Loukas’ analysis shows that Bitcoin would grow over 59% from its current $62,213 price to trade at this cycle’s top between $150,000 and $200,000. Notably, Bitcoin would have to break above the baseline and out of the falling wedge pattern to confirm the analyst’s assertions.
Meanwhile, other analysts have predicted a similar Bitcoin price upsurge. Veteran trader Peter Brandt and Morgan Creek’s CEO Mark Yusok asserted that the premier crypto asset will hit $150,000 by 2025.
Favorable Macroeconomics Catalyzing Prediction
Moreover, Loukas stated that his perfect Bitcoin script is backed by growing positive sentiments and reducing interest rates. The analyst asserted these macroeconomic conditions are catalysts for the impending surge.
For context, Bitcoin surged to $66,000 days after the Federal Reserve slashed interest rates by 50 basis points (bps) on September 18. Although the latest US employment data dimmed the light on a rate cut in November, Fed Chair Jerome Powell earlier implied there may be two more interest rate reductions this year.
Furthermore, an appreciable interest in Bitcoin was recently noticed as optimism grew on an impeding price uptick. Per Santiment, the term ‘btc’ trended in search engines as investors sought trading strategies to leverage on an underlying price appreciation.
Also, bullish sentiments around Bitcoin grew extensively as factors, including institutional traction and whale buy-ins, spurred the optimism. These scenarios support Loucas’ assertion of an explosive Bitcoin surge to $150,000.
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