Analyst Bob Loukas forecasts that Bitcoin will not 'look back' after reacquainting itself with the $106,000 mark, initiating a new bullish cycle for the cryptocurrency.
Bob Loukas' Prediction
Loukas believes that the flagship cryptocurrency will eventually bottom out at the end of February before resuming its uptrend.
"The fresh meat ain't coming," Loukas adds, emphasizing that this will be a Bitcoin-only cycle.
Current Market Situation
As of now, Bitcoin is trading at $98,262, according to CoinGecko data, which is more than 9% down from the record peak achieved roughly 17 days ago.
View on Altcoins
Loukas opines that other cryptocurrencies, such as Litecoin, will not experience demand from traditional finance, even if they secure their own ETF in the U.S.
Loukas' forecast suggests a potential strengthening of Bitcoin's market dominance and waning interest in altcoins during this cycle.
