Bitcoin price market dynamics have taken an engaging turn as the cryptocurrency adjusts its cycle patterns after a pointed decline below the psychological price level of $100,000. Crypto analyst Bob Loukas shared his perspective on the X social media platform, noting a potential change from a 56-day to a 60-day cycle. According to the analystThis raises the question is whether Bitcoin could rebound higher from here or continue to consolidate over the next two months.

Bitcoin price change on a 60-day cycle

Cryptocurrency markets are there influenced by cyclical patterns which have become an crucial part of technical analysis for cryptocurrency analysts. These cycles are defined by recurring patterns of peaks, troughs, and consolidations and are used by analysts who analyze past performance to predict future price action. They are often combined with technical indicators such as Fibonacci extensions and retracements AND Elliot wave patterns.

In the case of Bitcoin, Bitcoin price changes current bull market were highlighted by the close rebound of previous cycles. According to technical analysis, the leading cryptocurrency has been trading 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 mark at $100,000.

After breaching the $100,000 level, Bitcoin initially appeared to lose strength, but eventually regained some momentum to hit an all-time high of $108,135 on December 17. However, Bitcoin has since entered a correction phase, even falling to $92,800 three days after reaching this record high.

As cryptocurrency analyst Bob Loukas noted, this massive correction and consolidation over the past two weeks has prompted Bitcoin to move into a 60-day cycle. This change in the cycle, even if only by a few days, could have profound effects and time will tell how the market will react.

Was the recent decline enough to reset?

The move to a 60-day cycle suggests a subtle but significant change in Bitcoin’s market behavior. At the time of writing, Bitcoin is about to start a recent counting cycle that will take place over the next 60 days. Two possible scenarios can play out during these 60 days.

First scenario has an upward momentum if the last pointed correction may have already reset the cycle. In this case, we could see Bitcoin reach recent all-time highs in the next 60 days.

The second scenario is less bullish. It opens the possibility of Bitcoin consolidating and trading in a narrow range for the next two months.

At the time of writing, Bitcoin is trading at $96,146. If Bitcoin successfully transitions to a 60-day cycle and avoids another consolidation, it could pave the way for a recovery above the $100,000 level and bullish momentum throughout Q1 2025

Featured image created with Dall.E, chart from Tradingview.com