Analysts warn Bitcoin risks drop to $73,000 if ETF support fails

Bitcoin recovered to near $81,000 on Wednesday, October 28, after briefly dipping below key support levels, but market-cycle analyst Bob Loukas cautioned that current price strength may be short-lived unless buying momentum significantly improves. Bob Loukas, known for his market-cycle research, commented on X that both Bitcoin and stocks have demonstrated resilience despite widespread negative sentiment. However, he indicated that this resilience could be tested if buyers do not step in soon. On October 21, Loukas argued that Bitcoin could be entering a new market cycle, suggesting the possibility of higher prices well into late November or early December. Despite this, he stressed that the setup alone is not enough to guarantee a significant rally.

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