Analyst Bob Loukas predicts that Bitcoin will continue to consolidate within the $58,000 to $61,000 range without any significant rally until the middle of September. Loukas, known for his objective market analysis, shared his views on Bitcoin’s current price trend and anticipates prolonged price consolidation.
Anticipated Major Upward Movement for Bitcoin Next Month
Following a recent market recovery, Bitcoin has been struggling to break above the $61,000 resistance level. Loukas foresees a substantial rally for BTC after mid-September due to prevailing market uncertainty and fear, causing investors to offload their Bitcoin holdings.
Loukas mentions that Bitcoin recently underwent a flushing-out process and is now in a significant accumulation zone. However, he advises investors to brace for a rally not before the middle of September.
The bulls may need to wait until December for the weekly cycle low, which could stretch over a 9-month period. Loukas warns that holders of spot Bitcoin Exchange-Traded Funds (ETFs) will face challenges, and unexpected developments could arise.
Despite concerns about potential market lows, Loukas remains optimistic about the long-term bullish trajectory of Bitcoin, projecting a price surge to over $100,000 by mid-to-late 2025.
Bitcoin Encounters Increased Price Volatility
Market uncertainty has intensified as Bitcoin experiences significant price fluctuations, particularly during weekends. TOBTC reports heightened weekend price swings due to increased liquidity concentration during the week and the introduction of BTC spot ETFs in the US.
Data from Kaiko Research indicates a rise in extreme weekend volatility and selling pressure following a recent sell-off on August 5. Institutional and ETF activity has further heightened the risk of market fluctuations amid reduced weekend trading volumes.
