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The market dynamics of Bitcoin price has taken an interesting turn as the cryptocurrency adjusts its cycle patterns After a sharp decline Below the psychological price level of $100,000. Cryptocurrency analyst Bob Lucas shared his view on social media platform According to the analystthis Excites Whether Bitcoin can rebound to the upside from here or continue to strengthen over the next couple of months is a question.
Bitcoin price turns on a 60-day cycle
Cryptocurrency markets are Affected by cyclical patterns Which has become an important part of technical analysis for cryptocurrency analysts. These cycles are defined by recurring patterns of highs, lows, and consolidations, and are used by analysts who look at past performance to predict future price movement. It is often combined with technical indicators such as Fibonacci extensions and retracements and Elliott wave patterns.
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In the case of Bitcoin, Bitcoin price movements in The current bull market It was highlighted by a close-up mirror from the previous courses. According to technical analysis, the leading cryptocurrency has been running on a 56-day cycle for most of the current market cycle. This 56-day cycle was highlighted by Bitcoin breaking through various price levels until it crossed the six-figure threshold at $100,000.
After Bitcoin crossed the $100,000 mark, it seemed to falter at first but eventually regained some momentum to reach an all-time high of $108,135 on December 17. But since then, Bitcoin has entered a correction phase, even falling to a low of just $92,800. Three days after reaching an all-time high.
As cryptocurrency analyst Bob Lucas noted, this massive correction and consolidation in the past two weeks has pushed Bitcoin into a 60-day cycle. This change in cycle, even though it is only a few days old, could have profound effects, and it remains to be seen how the market reacts.
Was the recent pullback enough to reset?
The move to a 60-day cycle indicates a subtle but significant change in Bitcoin market behavior. At the time of writing, Bitcoin is about to start a new counting cycle that will be implemented over the next 60 days. Two possible scenarios could play out from here during those 60 days.
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First scenario It is of bullish momentum If the recent sharp correction has already reset the cycle. In this case, we could see Bitcoin rise to all-time highs within the next 60 days.
The second scenario is less optimistic. It opens up the possibility of Bitcoin consolidating and trading within a narrow range over the next couple of months.
At the time of writing, Bitcoin is trading at $96,146. If Bitcoin successfully moves into a 60-day cycle and avoids another consolidation, this could pave the way for a recovery above the $100,000 level and Bullish momentum all the time First quarter 2025.
Featured image created with Dall.E, chart from Tradingview.com
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