Bitcoin is consolidating, which may herald another significant growth phase, according to independent trader Bob Loukas.

The Four-Year Cycle and its Importance

Bob Loukas notes that Bitcoin is closing the second year of its four-year cycle and approaching the third, which has historically been 'explosive.' He uses the four-year cycle to identify peaks and troughs in the Bitcoin market, aiding investors in predicting potential market tops.

Current Market Conditions

Loukas states that Bitcoin is accumulating in a descending broadening wedge following its drop from the all-time high of $73,835 reached on March 14. Despite market uncertainty driven by geopolitical tensions and the upcoming US elections, Loukas predicts Bitcoin may enter a parabolic trend due to shifting investment sentiments and easing interest rates.

Optimistic Outlook

Loukas concludes that to confirm entry into the third year of the cycle, Bitcoin must sustain a level above the upper trending line of the broadening wedge by the end of October. Analysts also observe growing institutional interest in Bitcoin, particularly in anticipation of further spot ETFs.

Quote:

“Analysts and community members continue their optimism about 'Uptober' and the potential for a bull run in 2024." - analysts at Santiment observe.

Bitcoin continues to follow its positive four-year cycle narrative. However, it's important to remember that all investment decisions carry risks and require thorough analysis.