Analyst predicts Bitcoin could reach $150K in ongoing cycle

Bitcoin (CRYPTO:BTC) is currently consolidating below its all-time high of $69,000, but veteran trader Bob Loukas suggests the cryptocurrency may soon experience a major surge. 

According to Loukas, Bitcoin is following a “perfect script” in its four-year cycle, which could result in an all-time high exceeding $150,000 during this cycle.

In an October 8 post on X, Loukas noted that Bitcoin is approaching the third year of its four-year cycle, a period that has historically been marked by explosive price growth. 

“Bitcoin closes the 2nd year of its 4-year cycle next month, entering the 3rd and historically explosive year of the cycle,” he explained. 

Loukas’s analysis highlights Bitcoin's accumulation within a descending broadening wedge pattern, signaling that a parabolic uptrend may soon follow, driven by shifting investor sentiment and potential interest rate cuts.

Loukas stated that "an 8-month base has been built, sentiment reset, and rates are easing," emphasising that the conditions are set for a significant price move.

This optimistic outlook comes amidst uncertainty fueled by geopolitical tensions, upcoming U.S. elections, and concerns about the U.S. economy. 

Loukas pointed out that Bitcoin bulls need to achieve a monthly candlestick close above the wedge’s upper trending line to confirm entry into the third year of the cycle.

According to blockchain analytics firm Santiment, Bitcoin has also seen heightened investor interest in the fourth quarter, with many analysts optimistic about a possible bull run in 2024. 

Santiment observed a growing demand for Bitcoin, particularly in relation to spot ETFs, which could further drive institutional interest in the asset.

If the current momentum continues and investor fear of missing out (FOMO) grows, Bitcoin could see a significant rise, aligning with Loukas's prediction of an all-time high beyond $150,000.

At the time of writing, the Bitcoin price was $62,198.87.