Analyst Predicts Bitcoin to Exit Bear Trap and Surge Toward $72,000

A crypto analyst has suggested that Bitcoin may be transitioning from a bear trap and gearing up for significant gains.

Recently, Bitcoin’s price has approached $62,000 following a sharp drop, which some experts are calling a major bear trap.

So, that was a shake-out or a Bear trap ? pic.twitter.com/ezTFDIiabI

— Sensei (@SenseiBR_btc) August 8, 2024

On August 8, analyst ‘Sensei’ questioned if this decline was a temporary shakeout designed to push out weak investors or if it indicated a genuine bear market.

Sensei believes the bear trap may be ending soon, pointing to a possible shift in market sentiment. Bitcoin had recently fallen below $50,000, dropping over 20% due to extensive market liquidations.

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Michael van de Poppe also weighed in, suggesting that the recent price correction might signal the end of the bear trap, potentially leading to significant market recovery. He highlighted that this downturn could have led to a substantial $1.2 billion in losses from leveraged trades.

Despite recent volatility, Sensei remains optimistic about Bitcoin’s future. He forecasts a strong bull run could start as early as next week and projects that Bitcoin could rise to $72,000 based on current market trends.

Alexander Stefanov