A cryptocurrency analyst has presented an encouraging prediction for Bitcoin (BTC), asserting that the end of a recent market downturn could trigger a price surge, potentially elevating the cryptocurrency to unprecedented levels, with a target of around $72,000.
In a series of posts, the analyst has highlighted the potential for Bitcoin ’s value to rally following what some have described as a bear trap. This follows a significant drop in Bitcoin ’s price, which fell more than 20%. Experts are speculating that this sudden decline could be misleading, suggesting that it might actually set the stage for an upward rebound.
The analyst pointed out that Bitcoin is now just 24% away from achieving a new all-time high. This indicates that the cryptocurrency could exceed its previous peak, which saw valuations surpassing $73,000 earlier this year. There is a growing belief that a breakout occurring within the range of $70,000 to $78,000 could signal the beginning of a substantial bull run. The forecasted timeline suggests that this potential rally could start as soon as late August 2024.
Although the short-term price target is set at $72,000, there remains a strong bullish sentiment regarding Bitcoin ’s long-term prospects, with expectations that its value could ultimately rise to $150,000. Despite the current price retreat, which has seen Bitcoin fall below $60,000 and trade around $58,773—down over 4% in the last day—analysts continue to express optimism about its future trajectory.
With the market currently facing contractions and significant liquidations, many analysts maintain that a rebound is imminent. Some of them foresee that once the consolidation phase concludes, Bitcoin might embark on a powerful upward movement, potentially soaring past $250,000 in the long run. Other experts note the cryptocurrency’s recent performance as a clear indicator of growing strength, suggesting a period of brief consolidation before a potential rise.
