Analyst Bob Loukas has predicted that Bitcoin will not “look back” after surpassing the $106,000 level again since it will kickstart a new bullish cycle for the leading cryptocurrency
Loukas believes that the flagship cryptocurrency will eventually bottom out at the end of February before resuming its uptrend
Bitcoin has so far been range-bound for more than a month after failing to surge above the $110,000 level on multiple occasions
The leading cryptocurrency is currently trading at $98,262, according to CoinGecko data. It is currently down more than 9% from the record peak that was achieved roughly 17 days ago.
“Fresh meat ain’t coming”
Earlier, Loukas also opined that this was the “eat-each-other” crypto cycle. “The fresh meat ain’t coming,” he added
The trader believes that this will be a Bitcoin-only cycle, pouring cold water on some altcoins. He believes that Litecoin, for instance, will not see any demand from traditional finance even if it does manage to get its own spot exchange-traded fund in the U.S.
Bitcoin dominance recently experienced a sharp increase during a sell-off triggered by trade disputes.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
