Bitcoin price market dynamics have taken an interesting turn as the cyclical patterns of digital currencies themselves have changed. Looking for a drastic reduction Below the psychological price level of $100,000, crypto analyst Bob Lucas shared his view on social media platform X, pointing to a potential shift from a 56-day cycle to a 60-day one. According to this analystthis increases The question is, can Bitcoin rebound from here or continue its consolidation for the next two months?
Bitcoin price change to 60 day cycle
are digital currency markets Influenced by cyclical patterns which have become an important part of technical analysis of digital currency analysts. These cycles are defined by repeating patterns of highs, lows, and consolidations and are used by analysts who look at past performance to predict future price action. These are often with technical indicators such as Fibonacci extensions and corrections and Elliott wave patterns.
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In the case of Bitcoin, the price movement of Bitcoin in Current bull market are accentuated by the close mirror of previous cycles. Based on technical analysis, the leading cryptocurrency has been playing 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 6-digit threshold at $100,000.
After breaking above $100,000, Bitcoin initially looked like it was going down, but eventually regained some momentum, hitting a high of $108,135 on December 17th. However, since then, Bitcoin has entered a correction phase, even falling as low as $92,800. Three days after reaching this highest time.
As cryptocurrency analyst Bob Lucas pointed out, this massive correction and consolidation over the past two weeks forced Bitcoin to move into a 60-day cycle. This cycle change, although only a few days, can have profound effects and it remains to be seen how the market will react.
Was the recent drop enough for a reset?
The move to a 60-day cycle indicates a subtle but significant change in the behavior of the Bitcoin market. At the time of writing, Bitcoin is about to begin a new cycle count that will run for the next 60 days. Two scenarios may play out from here during those 60 days.
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The first scenario It has an upward movement A recent sharp correction may have already reset the cycle. In this case, we could see Bitcoin reaching its all-time high in the next 60 days.
The second scenario is less optimistic. This opens the possibility for Bitcoin to consolidate and trade in a narrow range for the next two months.
At the time of writing, Bitcoin is trading at $96,146. If Bitcoin successfully breaks the 60-day cycle and avoids another consolidation, it could pave the way for a recovery above the $100,000 level. Upward movement throughout Q1 2025.
Featured image created with Dall.E, chart from Tradingview.com
