A crypto analyst has made an extremely optimistic forecast for Bitcoin (BTC)which suggests that the end of the supposed Bitcoin Bear Trap could push the cryptocurrency’s price to new highs, potentially reaching $72,000.
Bitcoin to reach $72,000
In a recent X (formerly Twitter) posta cryptanalyst named “Sensei” predicted that Bitcoin will rise to $72,000 soon. The analyst shared a price chart that highlights two parallel trend lines that trace Bitcoin’s recent rise Price movements.
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The analyst rooted his optimistic forecasts the potential for an uptrend in Bitcoin after the recent bear trap in the market. Given Bitcoin’s previous crash of over 20%, many analysts, including Sensei, speculated that this sharp decline could actually be a bear trap.
The crypto analyst pointed out in another X-Post that Bitcoin has exceeded this alleged mark Bear trapsuggesting that the cryptocurrency could reach the $72,000 target once the bear trap closes.
In addition, Sensei disclosed that Bitcoin was 24% away from a new all-time high in this upcycle. This means that the pioneer cryptocurrency was on its way to The all-time high in March whose price shot up by more than $73,000.
In his daily posts on X, the analyst shows unwavering support for Bitcoin and persistently urges investors to hold onto their cryptocurrencies to prepare for a possible uptrend. He predicts that the biggest bull run after Bitcoin’s breakout will start between the price of $70,000 and $78,000. In addition, he provided a possible timeline for this significant bull run and predicts that the Bitcoin bull run could begin at the end of August 2024.
While $72,000 could be a short-term price target for Bitcoin, Sensei remains extremely optimistic about the cryptocurrency’s long-term future prospects. anticipatory a significant increase to $150,000.
Despite Hope for a price recovery and the subsequent upward move, Bitcoin has fallen below $60,000, according to CoinMarketCap. At the time of writing, the cryptocurrency is trading at $58,773, down a significant 4.11% in the last 24 hours.
Analysts remain optimistic about BTC’s future prospects
In view of falling prices and large Market liquidationsAnalysts maintain their positive forecast for the Bitcoin price, Predicting massive uptrends as soon as the market downturn subsides.
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Popular crypto analyst Michael van de Poppe expects Bitcoin to experience a major uptrend after a period of consolidation. The analyst pointed out that the market could potentially be on the verge of a significant Bitcoin bull run, possibly and pushes the price to over $250,000.
A crypto analyst named “Milkybull Crypto” shared a similar opinion. noticed that Bitcoin price gained strength after its higher low on a 3-day chart. The analyst predicted that the cryptocurrency is about to experience a short-term price consolidation before experiencing an upward move.
Featured image created with Dall.E, chart from Tradingview.com
