Renowned Bitcoin trader Bob Loukas recently shared his insights on the price action of BTC for the month of June. Loukas maintains a bearish view of the Bitcoin chart, emphasizing the presence of a well-structured 4-year cycle in its early phase.

He believes that a potential pullback to the lower $20,000 level in June would present an excellent opportunity for investors. Loukas’ forecast seems to align with the current market conditions, considering that Bitcoin recently experienced its first negative month in 2023.

#bitcoin. Imagine still being bearish on this chart.
Perfectly structured 4yr cycle in the early phase.

A pullback in June to the lower $20k’s would be a tremendous gift. pic.twitter.com/pfIuIGkCj2

— Bob Loukas (@BobLoukas) June 1, 2023

Analysts suggest that as liquidity tightens due to the raised U.S. debt ceiling, the cryptocurrency markets are bracing themselves for a possible downturn. This is attributed to the Federal Reserve’s ongoing process of winding down its balance sheet and replenishing the U.S. Treasury general account. These actions will result in the removal of hundreds of billions of dollars from the financial system, potentially exerting downward pressure on cryptocurrency prices in the coming months.

Earlier in the year, the optimism surrounding the Federal Reserve’s decision to pause rate hikes contributed to the rise in the prices of risk assets such as stocks and cryptocurrencies. Bitcoin, being the largest cryptocurrency in terms of market capitalization, reached a peak of $31,000 during this market-wide crypto surge.