Crypto Analyst Says End Of This Bitcoin Bear Trap Could Drive Price To $72,000

A crypto analyst has unveiled a highly optimistic forecast for Bitcoin (BTC), suggesting that the tip of the supposed Bitcoin bear trap could propel the value of the cryptocurrency to latest 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.

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Source: X

The analyst rooted his optimistic projections within 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 one other X post that Bitcoin was moving past this supposed bear trap, suggesting that the cryptocurrency could reach the $72,000 goal once the bear trap concludes.

Source: X

Moreover, Sensei disclosed that Bitcoin was 24% from reaching a latest all time high this bullish cycle. This means that the pioneer cryptocurrency was on the trail to surpass its March’s all time high which saw its price skyrocketing by greater than $73,000.

In his every day posts on X, the analyst shows unwavering support for Bitcoin, persistently urging investors to HODL their cryptocurrencies in preparation for a possible bullish surge. He predicts that the largest bull run will start following Bitcoin’s breakout between the value of $70,000 and $78,000. Moreover, he has provided a possible timeline for this substantial bull run, forecasting that the Bitcoin bull run might start by the tip of August 2024.

While $72,000 could also be a brief term price goal for Bitcoin, Sensei stays highly bullish on the cryptocurrency’s long run future outlook, anticipating a considerable rise to $150,000.

Despite hopes of a price recovery and subsequent bullish rally, Bitcoin has dropped below $60,000, in keeping with CoinMarketCap. As of writing, the cryptocurrency is trading at $58,773, recording a major 4.11% decrease within the last 24 hours.

Analysts Stay Positive On BTC’s Future Outlook

Within 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.