Cryptocurrency analyst and trader, Bob Loukas, has issued a cautionary statement to investors regarding the current price stagnation of Bitcoin. With the leading cryptocurrency consolidating between the $58,000 and $61,000 price levels, Loukas predicts that no major rally will take place before the middle of September.
Loukas, known for his unbiased assessment of the market, shared his insights on Bitcoin’s price action after receiving numerous requests from the crypto community. Following a recent recovery from a broader market crash, Bitcoin has been struggling to surpass the $61,000 resistance mark. Loukas anticipates that BTC will initiate a significant rally after mid-September, signaling an extended period of price consolidation.
The analyst’s prediction comes amidst general market uncertainty and fear, leading normal investors to sell off their Bitcoin holdings to prevent further losses as the price dips below $60,000 once again. Loukas believes that Bitcoin was recently flushed out and is currently in a large accumulation zone. However, he advises investors not to expect any rally until at least the middle of September.
While Loukas expects the bulls to wait through the weekly cycle low in December, he notes that spot Bitcoin Exchange-Traded Funds (ETFs) holders may face challenges, with the possibility of surprise opportunities. Deeper lows could raise doubts about the bull market, but by then, it may be too late to take action.
Despite the uncertainties, Loukas remains optimistic about Bitcoin’s long-term potential, predicting a price surge to $100,000 and beyond by mid-to-late 2025. He urges investors to be patient and trust in the largest cryptocurrency’s ability to deliver significant gains over time.
As Bitcoin faces heightened price swings, investors’ uncertainty and fear have increased. According to the trading platform TOBTC, Bitcoin is now more susceptible to significant price fluctuations on weekends due to concentrated liquidity during the week, especially with the introduction of BTC spot ETFs in the United States. This shift has raised the potential for extreme weekend volatility, as seen in the recent sell-off on August 5.
With institutional and ETF activity on the rise, the risk of sell-offs has increased due to decreased weekend trading volumes. Despite the challenges, Loukas’ long-term outlook remains positive, emphasizing the importance of patience and trust in Bitcoin’s potential for substantial gains in the future.