A cryptocurrency analyst has shed light on the current stages of bitcoin-bull-bear-price-overheated/” target=”_blank” rel=”noopener nofollow”>The bitcoin bull-bear cyclesuggesting that the cryptocurrency may be breaking out of a bear trap and preparing for bitcoin/bitcoin-price-soars-above-62000-again-top-3-reasons/” target=”_blank” rel=”noopener nofollow”>significant bullish rallies Towards new highs.
Was bitcoin's sudden crash a bear trap or a shakeout?
btc price is approaching $62,000 after what some cryptocurrency analysts are saying is a… x.com/voxeliving/status/1821937013349605744?s=46″ target=”_blank” rel=”noopener nofollow”>vocation One of the most spectacular bear traps. On an x (formerly twitter) x.com/senseibr_btc/status/1821555670262432203?s=46″ target=”_blank” rel=”noopener nofollow”>mail On August 8, a cryptocurrency analyst identified as 'Sensei' raised the question of whether bitcoin-news/bitcoin-price-analysis-what-lies-on-the-horizon-after-crashing-below-50000/” target=”_blank” rel=”noopener nofollow”>The recent drop in the price of bitcoin It may have been a “bear trap or a shakedown.”
TO bitcoin-zig-zag-shake-out-crypto-market/” target=”_blank” rel=”noopener nofollow”>shake Here is a general term used to describe a storm. price drop into a cryptocurrency intended to drive out weaker investors and push them to sell their holdings. In contrast, a bear trap occurs when the price of a crypto asset drops dramatically, causing investors to believe that a bear market has begun.
Sensei has x.com/senseibr_btc/status/1822183279740481991?s=46″ target=”_blank” rel=”noopener nofollow”>provided that the bitcoin bear trap is about to end this weekend, implying that bearish sentiments may be waning. In the previous weeks, btc experienced a sharp price drop, bitcoin/bitcoin-bottom-below-50000/” target=”_blank” rel=”noopener nofollow”>falling dramatically below the $50,000 markThe cryptocurrency had plummeted more than 20%, driven mainly by large-scale market liquidations.
Cryptocurrency analyst Michael van de Poppe sheds more light on the bull-bear phase of bitcoin's cycle x.com/cryptomichnl/status/1820535728914489606?s=46″ target=”_blank” rel=”noopener nofollow”>revealed that the massive bitcoin price correction could ultimately lead to the bear trap in this cycle. Poppe revealed that this price drop may cause bitcoin-capitulation-compares-past-crashes/” target=”_blank” rel=”noopener nofollow”>general capitulationwiping out a staggering $1.2 billion in investments affected by leveraged trades.
On the other hand, Sensei has been incredibly Optimistic about bitcoin's future prospects over the past few months. It anticipates a strong rebound this year, x.com/senseibr_btc/status/1822002810839257518?s=46″ target=”_blank” rel=”noopener nofollow”>Forecast that btc's bullish momentum could start as early as next week.
The analyst has also x.com/senseibr_btc/status/1820883566701768782?s=46″ target=”_blank” rel=”noopener nofollow”>shared A chart showing bitcoin's fractal points, indicating a potential for a massive bull run in this cycle. According to the chart analysis, btc is still in the lower (initial phases) of its bitcoin/bitcoin-bull-run-still-intact-chain-data/” target=”_blank” rel=”noopener nofollow”>bullfightunderscoring the need for stronger price fundamentals and greater stability to generate further momentum.
Analyst predicts $72,000 upside target for bitcoin
In another x.com/senseibr_btc/status/1822168540561948741?s=46″ target=”_blank” rel=”noopener nofollow”>Publication x On August 10, Sensei predicted that bitcoin could rise to $72,000. Sharing a btc price chart with two ascending trend lines, the analyst indicated that current market trends and price movements suggest that bitcoin price is likely to rise to $72,000. bitcoin/cryptoquant-ceo-bitcoin-price/” target=”_blank” rel=”noopener nofollow”>new historical highs.
At the time of writing, btc is trading at $60,741, marking a 1.32% drop over the past seven days, according to CoinMarketCap. Despite witnessing a drop in its 24-hour trading volume and value, the pioneering cryptocurrency has managed to btc/bitcoin-price-reclaims-60k/” target=”_blank” rel=”noopener nofollow”>recovered the $60,000 markhighlighting a potential for price recovery.
Featured image from iStock, chart from Tradingview.com
