Cryptocurrency analyst presents very hopeful forecast for Bitcoins (BTC)suggesting that the end of the alleged Bitcoin Bear Trap could drive the cryptocurrency’s price to modern highs, potentially reaching $72,000.
Bitcoin is set to reach $72,000
In the recent X (formerly Twitter) fastingcryptocurrency analyst nicknamed “Sensei” predicted that Bitcoin to rise to $72,000 coming soon. The analyst shared a price chart that highlights two parallel trend lines that track Bitcoin’s recent price movements price movements.
The analyst has solidified his position hopeful forecasts in a potential bullish rally in Bitcoin’s value following the recent bear market trap. Given Bitcoin’s previous crash over 20%, many analysts, including Sensei, have speculated that this edged decline may actually be a bear trap.
The cryptocurrency analyst pointed out elsewhere Posts X that Bitcoin has crossed this alleged boundary bear trapwhich suggests that the cryptocurrency could reach $72,000 once the bear trap ends.
In addition, Sensei revealed that Bitcoin was 24% away from hitting a modern all-time high in this bull cycle. This means the pioneering cryptocurrency was on track to surpass its March is the highest result of all time the price of which has skyrocketed by over $73,000.
In his daily posts on X, the analyst has shown unwavering support for Bitcoin, constantly urging investors to HODL the cryptocurrency in preparation for a potential price rally. predicts that the biggest bull run will start after Bitcoin price breaks between $70,000 and $78,000. In addition, it has provided that potential timeline for this significant growth, predicting that Bitcoin bull market could start at the end of August 2024.
While the short-term price target for Bitcoin could be $72,000, Sensei remains very hopeful about the cryptocurrency’s long-term future, anticipatory significant raise to $150,000.
Despite hopes for a price rebound and the subsequent bullish rally, 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 past 24 hours.
Analysts remain hopeful about BTC’s future prospects
In the face of falling prices and massive market liquidationanalysts maintain positive forecasts for bitcoin price, predicting massive growth trends as soon as the market crisis passes.
Popular cryptocurrency analyst Michael van de Poppe expects Bitcoin to experience a major bullish breakout after a period of consolidation. The analyst indicated that the market could be on the cusp of a significant bull run for Bitcoin, potentially raising its price above $250,000.
A similar opinion was expressed by a cryptocurrency analyst with the nickname “Milkybull Crypto” excellent that Bitcoin price was gaining strength after hitting a higher low on the 3-day chart. The analyst predicts that the cryptocurrency is poised for a short-term price consolidation before experiencing an uptrend.
Featured image created with Dall.E, chart from Tradingview.com
