Anika Begay
A cryptocurrency analyst has shed some light on the current stages of Bitcoin’s Bull-Beacon Cyclesuggesting that the cryptocurrency may have moved out of a bear trap and prepared for substantial bullish increases towards new highs.
Was Bitcoin’s Sudden Crash a Bear Trap or a Solution?
BTC Price Is Approaching $62,000 After What Some Cryptocurrency Analysts Are Saying calling one of the most spectacular bear traps. In an X (ex Twitter) send On August 8, a cryptocurrency analyst identified as “Sensei” asked the question whether The recent crash in the price of Bitcoin It may have been a “bear trap”.
A shake here is a generic term used to describe a temporary price drop in a cryptocurrency aimed at pushing out the weakest investors and pushing them to sell their securities. On the contrary, a bear trap occurs when the price of a cryptocurrency drops dramatically, leading investors to believe that a bear market has begun.
The sensei has expected that the Bitcoin bear trap is set to end this weekend, implying that bearish sentiments may wane. In the previous weeks, BTC has suffered a sharp price decline, dropping dramatically below the $50,000 markThe cryptocurrency has dropped by more than 20%, mainly due to large-scale market liquidations.
Cryptocurrency analyst Michael van de Poppe sheds light on the phase of Bitcoin’s bull-bear cycle disclosed that the massive correction in Bitcoin’s price could ultimately lead to a bear trap in this cycle. Poppe revealed that this price drop could cause widespread capitulationerasing a staggering $1.2 billion in investments impacted by leveraged trading.
On the other hand, Sensei was incredibly optimistic about Bitcoin’s future prospects for the last few months. It predicts a strong bull run this year, forecast that BTC’s bullish push could begin as early as next week.
The analyst also has shared a chart depicting Bitcoin’s fractal dots, indicating a potential for a massive bull run in this cycle. According to the chart analysis, BTC is still at the bottom (early stages) of its running of the bullsstressing the need for stronger price fundamentals and greater stability to generate further momentum.
Analyst Predicts Bullish Target of $72,000 for Bitcoin
In another post X On August 10, Sensei predicted that Bitcoin could rise to $72,000. Sharing a BTC price chart with two uptrend lines, the analyst indicated that current market trends and price movements suggest that Bitcoin’s price could rise to new all-time highs.
At the time of writing, BTC is trading at $60,741, marking a 1.32% decline over the past seven days, according to CoinMarketCap. Despite seeing a decline in its 24-hour trading volume and value, the pioneer cryptocurrency has managed to has recovered the milestone of 60,000 dollarshighlighting a potential for price recovery.
Featured image from iStock, chart from Tradingview.com
