A crypto analyst has unveiled a highly optimistic forecast for Bitcoin (BTC), suggesting that the end of the supposed Bitcoin bear trap could propel the price of the cryptocurrency to new highs, potentially reaching $72,000.
Bitcoin Set To Hit $72,000
In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Sensei’ has predicted that Bitcoin will surge to $72,000 soon. The analyst shared a price chart highlighting two parallel trend lines that trace Bitcoin’s recent price movements.
The analyst rooted his optimistic projections in the potential for a bullish surge in Bitcoin following the recent market bear trap. Given Bitcoin’s earlier crash of over 20%, many analysts, including Sensei, have speculated that this sharp drop might actually be a bear trap.
The crypto analyst indicated in another X post that Bitcoin was moving past this supposed bear trap, suggesting that the cryptocurrency could reach the $72,000 target once the bear trap concludes.
Furthermore, Sensei disclosed that Bitcoin was 24% from reaching a new all time high this bullish cycle. This implies that the pioneer cryptocurrency was on the path to surpass its March’s all time high which saw its price skyrocketing by more than $73,000.
In his daily posts on X, the analyst shows unwavering support for Bitcoin, persistently urging investors to HODL their cryptocurrencies in preparation for a potential bullish surge. He predicts that the biggest bull run will start following Bitcoin’s breakout between the price of $70,000 and $78,000. Additionally, he has provided a potential timeline for this substantial bull run, forecasting that the Bitcoin bull run might commence by the end of August 2024.
While $72,000 may be a short term price target for Bitcoin, Sensei remains highly bullish on the cryptocurrency’s long term future outlook, anticipating a substantial rise to $150,000.
Despite hopes of a price recovery and subsequent bullish rally, Bitcoin has dropped below $60,000, according to CoinMarketCap. As of writing, the cryptocurrency is trading at $58,773, recording a significant 4.11% decrease in the last 24 hours.
Analysts Stay Positive On BTC’s Future Outlook
In the face of price declines and large-scale market liquidations, analysts maintain a positive outlook for Bitcoin’s price, predicting massive uptrends once the market downturn subsides.
Popular crypto analyst, Michael van de Poppe expects Bitcoin to experience a major bullish breakout following a period of consolidation. The analyst indicated that the market could be on the cusp of a significant Bitcoin bull run, potentially propelling its price above $250,000.
Sharing a similar sentiment, a crypto analyst identified as ‘Milkybull Crypto’ noted that Bitcoin’s price was gaining strength following its higher low on a 3-day chart. The analyst has projected that the cryptocurrency is poised to witness a short term price consolidation before experiencing an upward movement.
Source: NewsBTC