Bitcoin would hit $ 90,000 ‘in the coming weeks’ despite pullback
From a broader perspective this week, Bitcoin is heading for a showdown with the approvals of Taproot and ETF.
Bitcoin (BTC) is still on the run at $ 90,000 in the next few weeks after «catching» traders with leverage.
In its latest market update on November 12, the Decentrader trading platform emphasized popular sentiment on BTC’s price action.
Update: high deadlines «remain optimistic»
Despite losing $ 4,000 in a single day on Wednesday and trending sideways since then, Bitcoin is anything but bearish, many analysts argue.
Short-term conditions punish leveraged traders with a long strategy, but funding rates remain high, hodlers may suffer more problems before a recovery occurs.
When it does, new all-time peaks will be reached, Decentrader believes.
«We remain bullish on the high time frames and we continue to expect the price to rise to the $ 85,000 – $ 90,000 region in the coming weeks, which is in line with the 1618 fib retracement level,» the update stated.
An accompanying chart showed the target and nearby support levels, the closest one centered around an area around $ 59,000, somewhere that a separate investigation also believes could act as a strong line in the sand for the bulls.
«When we compare this cycle from the most recent halving date to previous cycles, we can see that thus far we have not experienced a final parabolic acceleration,» continued Decentrader.
While not specifically identical to the 2013 or 2017 bull trends, Bitcoin is still in the process of laying the groundwork for a «parabolic race.»
“When we superimpose the cycles in this way, we can see how the current cycle is not directly like any of the previous cycles, but is in fact a combination of the two. With a potential quieter flysheet compared to 2013, and less consistency than in 2017, ”the update reads.
«As we attempt to break the previous all-time high of May this year, the prospect of a possible parabolic surge is building, as we saw in the later stages of the previous bull trends.»
Taproot faces ETF decision on Sunday
The next few days can be decisive.
Sunday sees not only the final decision on whether to allow the first request for US exchange-traded funds at spot price (spot), but also the blocking of Bitcoin’s Taproot soft fork.
While the short-term consequences of an ETF rejection may affect the BTC / USD pair, 2017 demonstrated that major protocol updates have a cathartic effect.
Segregated Witness («SegWit») was released four months prior to that year’s $ 20,000 cycle peaks, and Taproot represents the largest update since then.
«The last time Bitcoin had such a major update was the Segwit update in August 2017. At the time, the price of Bitcoin was $ 4,000, then it rose to almost $ 20,000 in the next four months,» Decentrader commented.
“Will we see a similar rally this time? Given how optimistic many macro indicators look right now, and the flood of new money pouring into cryptocurrencies, it is certainly possible. «