A crypto analyst has revealed a very optimistic forecast for Bitcoin (BTC)suggesting that the end of the supposed The Bitcoin Bearish Trap could propel the price of the cryptocurrency to new highs, potentially reaching $72,000.
Bitcoin is about to hit $72,000
In a recent X (formerly Twitter) jobA crypto analyst identified as “Sensei” predicted that Bitcoin to climb to $72,000 soon. The analyst shared a price chart highlighting two parallel trendlines that trace the recent price movements.
Related Readings
The analyst has rooted his optimistic projections in the potential for a Bitcoin bull run after the market’s recent bear trap. Given Bitcoin’s 20%+ drop, many analysts, including Sensei, have speculated that this sharp decline could actually be a bear trap.
The crypto analyst indicated in another X post that Bitcoin went beyond this supposed bear trapsuggesting that the cryptocurrency could reach the $72,000 target once the bear trap ends.
Moreover, Sensei disclosed that Bitcoin was 24% away from hitting a new all-time high during this bull cycle. This implies that the pioneer cryptocurrency was on the verge of surpassing its The historic record for the month of March whose price skyrocketed by more than $73,000.
In his daily posts on X, the analyst displays unwavering support for Bitcoin, consistently urging investors to hold onto their cryptocurrencies in anticipation of a potential bullish surge. predicted that the biggest bull run will begin after Bitcoin breaks between the $70,000 and $78,000 price point. Additionally, he has provided a potential timeline for this substantial bull run, predicting that the The Bitcoin Bull Run could start by the end of August 2024.
While $72,000 may be a short-term price target for Bitcoin, Sensei remains very bullish on the cryptocurrency’s long-term prospects, anticipating a substantial increase to $150,000.
Despite hopes for price recovery and the bullish rally that followed, Bitcoin fell below the $60,000 mark, according to CoinMarketCap. At the time of writing, the cryptocurrency is trading at $58,773, registering a significant decline of 4.11% over the last 24 hours.
Analysts remain positive about Bitcoin’s future prospects
Faced with falling prices and large-scale repression measures market liquidationsAnalysts maintain a positive outlook for Bitcoin price, predicting massive uptrends once the market crisis eases.
Related Readings
Popular crypto analyst Michael van de Poppe expects Bitcoin to see a major bullish breakout after a period of consolidation. The analyst indicated that the market could be on the verge of a major Bitcoin rally, potentially propelling its price above $250,000.
Sharing a similar sentiment, a crypto analyst identified as “Milkybull Crypto” note Bitcoin price has gained strength after hitting a low on a 3-day chart. The analyst projected that the cryptocurrency is poised for a short-term price consolidation before seeing an upward move.
Featured image created with Dall.E, chart by Tradingview.com
