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.
Alex DovbnyaBitcoin dominance recently experienced a sharp increase during a sell-off triggered by trade disputes.
Bitcoin to $200,000
Loukas did not mention a specific price target in his recent post. With that being said, banking giant Standard Chartered recently predicted that the price of Bitcoin could surge to $200,000 this year, meaning that it will more than double from here.
Meanwhile, Fundstrat's Tom Lee recently forecasted that Bitcoin would record a correction before resuming the uptrend.
Dan Burgin
Vladislav Sopov