Bitcoin's Biggest Breakout in History | Analyst Predicts "Resumption of Bull Market Soon"

Bitcoin's price struggles have sparked concerns of a further decline, but some experts believe the tide is about to turn.

Analyst Sensei forecasts that BTC could soon rise towards $72,000, fueled by a potential bear trap and significant market indicators. As history suggests, the stage may be set for another bull run.

Will Bitcoin Price Surge Toward $72,000?

Bitcoin (BTC) has struggled to surpass its all-time high of around $73,000, recorded in March this year. This has led some to predict a further decline in BTC's price.

However, Sensei (@SenseiBR_btc), an analyst with over 48,000 followers on X, expects Bitcoin prices to rise again soon.

In an X post on August 13, 2024, Sensei stated that "Bitcoin is currently in the bear trap stage after the initial sell-off." A bear trap refers to a situation where the price appears to be continuing its decline, only to reverse sharply and rise.

Sensei predicts that after the bear trap ends, Bitcoin's price will soar, driven by factors such as increased media attention. In a subsequent post, he also expressed the view that "BTC is heading towards $72,000."

Significant Price Movement Expected by August 14

In his August 13 post, Sensei also highlighted that Bitcoin is on the brink of a breakout—an event where it breaches a critical price level.

He pointed out that the BTC/USD 1-hour chart is converging, indicating a strong bullish signal forming on the BTC/USDT weekly chart.

Based on the BTC/USD 1-hour chart shared by Sensei, Bitcoin’s price is likely to make a significant move by around August 14, 2024.

"History Repeats Itself" | Predicting the Return of the Bull Market

As for Bitcoin’s trajectory after it potentially recovers to $72,000, Sensei believes that a full-scale bull market, or "bull run," could begin after BTC surpasses its previous all-time high.

He shared an image comparing "the past three halving cycles" with "the current Bitcoin chart," noting that "history seems poised to repeat itself."

Many analysts and experts in the cryptocurrency industry predict that Bitcoin's price could rise to around $135,000 during the anticipated bull market from 2024 to 2025. If Bitcoin indeed enters a strong bull market, these predictions may come true.

Despite Bitcoin's price decline and stagnation over the past few months, there are reports of "inflows into Bitcoin spot ETFs" and "massive BTC purchases by prominent companies and large investors," fueling optimism for further price increases.

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