Veteran trader and author Bob Loukas, who has over 30 years of experience in financial markets and is known for his 60-day BTC cycle theory, shared a new Bitcoin price outlook on Monday. Unlike the wave of optimistic predictions that swept the crypto world over the weekend, Loukas’s analysis offered little reason for bullish sentiment.
In his latest analysis, Loukas notes that despite Bitcoin being deeply oversold, the weekly chart “remains horrendous.” From a purely visual standpoint, he says, the apex cryptocurrency seems to be “hanging by a thread,” hinting at the possibility of another significant drop. Loukas also set a gloomy price target of roughly $49,000 per BTC for the leading digital asset.
Bitcoin Price To Crash To $49,000?
Responding to commenters who cited the business cycle indicator, Loukas dismissed it as the “biggest cope” in crypto. He also sees no evidence of a halving-driven rally, asserting that the upcoming halving is unrelated to Bitcoin’s current price action.
According to the pundit, early inflows were driven more by spot exchange-traded fund (ETF) developments, a pro‑crypto government stance, and regulatory shifts — but “beneath all of it, it has always been a bear cycle.”
Crypto prices are recovering from their worst weekend lows on Monday, mirroring a strong rebound in U.S. equity markets. Bitcoin has climbed to $69,343, gaining 5.4% in the past 24 hours, according to CoinGecko data.
The premier crypto currently remains roughly 25% above Loukas’s target. If his projections hold, this implies that from the October 2025 peak, BTC could potentially plummet by an eye-watering 60%.
Analyst Tony Severino echoed this bearish outlook, citing Ichimoku Cloud signals that suggest a further decline of 38% to 66% from current levels is almost certain.
Source: https://zycrypto.com/veteran-analyst-labels-bitcoin-horrendous-on-weekly-chart-why-he-sees-49k-in-the-cards/
