Watch the I Believe Breakdown 5 online guitar lesson by TrueFire from Acoustic Guitar Greatest Hits Vol. 1

Lesson Source: Stephen Bennett's Fingerstyle Finesse

There is a slight variation in the rhythm of the bass line for the second verse. Also we will have a slight melodic variation. Stretch those fingers!
The melody for the middle (or bridge) section starts out with harmonics.
Lastly, I think this tune is a good example of trying to make the guitar sing. The main melody, as I mentioned earlier, came about in kind of a lyrical fashion. As the composition of the tune progressed, I tried to make the melody like a vocal line, even though there are no actual lyrics.
Again, remember to try to keep the bass line and the melody distinct; two separate parts that sound great when you put them together, even though individually they are perhaps nothing special.