This article is also available in Spanish.
Bitcoin price market dynamics have taken an interesting turn as the cryptocurrency adjusts to its cyclical patterns following a major decline below the psychological $100,000 price point. Crypto analyst Bob Loukas shared his opinion on social media X, noting a possible change from a 56-day cycle to a 60-day cycle. According to the analystthis raises the question of whether Bitcoin can rebound from here or continue its consolidation over the next two months.
Bitcoin Price Shift in 60-Day Cycle
Cryptocurrency markets are like that influenced by cycle patterns which have become an important part of the technical analysis of crypto analysts. These cycles are defined by repeating patterns of highs, lows, and consolidations and are used by analysts who look at past performance to predict future price action. These are often combined with technical indicators such as Fibonacci expansions and retracements again Elliot Waves patterns.
Related Reading
In the case of Bitcoin, the price movement of Bitcoin is current bull market highlighted is a close mirror of previous cycles. According to technical analysis, the leading cryptocurrency has been playing on a 56-day cycle for most of the current market cycle. This 56-day cycle saw Bitcoin diverge at various price levels until it broke above the six-figure threshold at $100,000.
After breaking above $100,000, Bitcoin appeared to stumble at first but eventually regained momentum to reach an all-time high of $108,135 on December 17. Since then, however, Bitcoin has entered a correction phase, falling as much as Just $92,800. three days after reaching this maximum.
As noted by crypto analyst Bob Loukas, this major correction and consolidation over the past two weeks has pushed Bitcoin into a 60-day cycle. This change in the cycle, although only in a few days, could have profound effects, and it remains to be seen how the market reacts.
Was the Recent Rejection Enough for a Reset?
The move to a 60-day cycle suggests a subtle but meaningful change in Bitcoin market behavior. At the time of writing, Bitcoin is about to start a new cycle count that will play out over the next 60 days. Two possible scenarios can play out from here on in those 60 days.
Related Reading
The first situation it has bullish momentum if it’s a recent sharp adjustment you may have already reset the cycle. In this case, we can see Bitcoin rise to the highest level in the next 60 days.
The second scenario is less optimistic. It opens the possibility for Bitcoin to consolidate and trade within a narrow range over the next two months.
At the time of writing, Bitcoin is trading at $96,146. If Bitcoin successfully transitions to the 60-day cycle and avoids another consolidation, it could pave the way for a recovery above the $100,000 level again bullish momentum throughout Q1 2025.
The featured image was created with Dall.E, a chart from Tradingview.com