A crypto analyst has unveiled a highly optimistic forecast for , suggesting that the end of the supposed 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) , 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 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 that Bitcoin was moving past this supposed , suggesting that the cryptocurrency could reach the $72,000 target once the bear trap concludes.
Furthermore, Sensei 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 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 that the biggest bull run will start following Bitcoin’s breakout between the price of $70,000 and $78,000. Additionally, he has 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, 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’ 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.