CandleFocus Is The Bitcoin Bull Market Over? Analyst Reveals Bear Case That Could Send Price To $28,000
2024-11-04
Author: Content Editor
A crypto analyst named Bob Loukas has proposed a bearish scenario for Bitcoin, suggesting that the cryptocurrency could decline to $28,000. He bases his scenario on the cycle theory, suggesting that Bitcoin is part of a broader 16-year cycle and that the current market represents the final four-year phase. Loukas acknowledges that while cycle trends can provide insights into price movements, there are no guarantees of continual price increases. He believes that a bear cycle is inevitable but unsure of the timing. Loukas points out specific price movements that could indicate a potential downturn, predicting that Bitcoin could drop to new lows by 2026 but rise again to $59,500 by 2027. He emphasizes that this bearish scenario has a 10% to 15% chance of occurring and notes that the lack of new retail investors and fading interest in cryptocurrencies could pose challenges for Bitcoin's growth.
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