FOMO

Bitcoin

when

Bitcoin’s price is consolidating below its 2021 high of $69,000, and independent trader Bob Loukas says it is entering an “explosive” period of a four-year cycle.&nbsp;
“Bitcoin closes the 2nd year of its 4-year cycle next month, entering the 3rd and historically explosive year of the Cycle,” Loukas <a data-ct-non-breakable="null" href="https://x.com/BobLoukas/status/1843673509379355035" rel="null" target="null" text="null" title="null">said</a> in an Oct. 8 post on X.&nbsp;
Loukas uses a four-year cycle to identify tops and bottoms in the Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) market. Historical similarities may help identify when the market will peak in the current cycle.&nbsp;
Loukas sees Bitcoin currently accumulating in a descending broadening wedge following its drop from the $73,835 all-time high reached on March 14. He predicts that <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency" rel="null" target="null" text="null" title="null">Bitcoin</a> could soon enter a parabolic uptrend, buoyed by shifting investor investment and interest-rate cuts.
<blockquote>
 “An 8-month base has been built, sentiment reset, and rates are easing. I mean, the script is perfect.”
</blockquote>
<figure>
 <img alt="Bitcoin following ‘perfect script’ to chart $150K all-time high this cycle — Analysis" src="https://s3.cointelegraph.com/uploads/2024-10/01926dd0-d4b4-7b1a-b8eb-53012260dec5" title="">
 <figcaption style="text-align: center;">
 BTC/USD monthly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/BobLoukas/status/1843673509379355035" rel="null" target="null" text="null" title="https://x.com/BobLoukas/status/1843673509379355035">Bob Loukas</a>
 </figcaption>
</figure>
Loukas’ analysis comes amid general market uncertainty and fear, driven by <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-safe-haven-status-questioned-amid-middle-east-conflict" rel="null" target="null" text="null" title="null">continued geopolitical tensions</a>, the upcoming United States presidential election and doubts about the health of the US economy.&nbsp;
Given the above, bulls may have to hold out the eight-month base in October by producing a monthly candlestick close above the upper trending line of the broadening wedge pattern to confirm entry into the third year of the cycle.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-faltered-at-64k-again-here-is-why" rel="null" target="null" text="null" title="null">Bitcoin price faltered at $64K again — Here’s why</a>
In light of this optimistic outlook, analysts at blockchain analytics firm Santiment <a data-ct-non-breakable="null" href="https://x.com/santimentfeed/status/1843388842210144357" rel="null" target="null" text="null" title="null">observed</a> heightened levels of investor interest in Bitcoin in the fourth quarter. They said:
“Analysts and community members continue their optimism about "Uptober" and the potential for a bull run in 2024. There is also a growing institutional interest in Bitcoin, particularly with the anticipation of further spot ETFs.”
<figure>
 <img alt="Bitcoin following ‘perfect script’ to chart $150K all-time high this cycle — Analysis" src="https://s3.cointelegraph.com/uploads/2024-10/01926dd1-a2e5-7829-a666-e1122a3fd480" title="">
 <figcaption style="text-align: center;">
 Recent sentiment for Bitcoin. Source: Santiment
 </figcaption>
</figure>
If speculative buying continues, the resulting FOMO could lead to a significant bounce, as predicted by Loukas.
With rising institutional demand and a return of net inflows to US-based spot Bitcoin ETFs, Bitcoin could follow the positive Q4 narrative and continue the four-year cycle.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin following ‘perfect script’ to chart $150K all-time high this cycle — Analysis

Cointelegraph

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