Recently, a crypto analyst known as ‘Sensei’ 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. The analyst shared a price chart highlighting two parallel trend lines that trace Bitcoin’s recent price movements. Rooting his projections in the potential for a bullish surge in Bitcoin following the recent market bear trap, Sensei predicted that Bitcoin will surge to $72,000 soon.
Furthermore, Sensei disclosed that Bitcoin was 24% from reaching a new all-time high this bullish cycle. This suggests 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. With Bitcoin moving past the supposed bear trap, the analyst indicated that the cryptocurrency could reach the $72,000 target once the bear trap concludes.
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. However, Sensei remains highly bullish on Bitcoin’s long-term future outlook, anticipating a substantial rise to $150,000. In his daily posts, the analyst shows unwavering support for Bitcoin, persistently urging investors to HODL their cryptocurrencies in preparation for a potential bullish surge.
Analysts’ Positive 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.
Potential Bull Run
Sensei 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, the overall outlook remains bullish for the cryptocurrency’s future growth and development.
Despite the recent volatility in the cryptocurrency market, analysts and experts remain optimistic about Bitcoin’s potential for significant price appreciation in the near future. With projections pointing towards new all-time highs and a potential bull run on the horizon, investors are advised to closely monitor developments in the market and consider the long-term prospects of Bitcoin as a valuable asset in their investment portfolio.
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