Bitcoin (BTC) is still on track to reach $ 90,000 in the coming weeks after trader traders are captured.
In its latest market review from November 12, the trading platform Decentrader confirmed popular sentiment regarding the Bitcoin price movement.
Update: higher time frames “remain bullish”
Many analysts claim that despite losing $ 4,000 in one day on November 10 and a sideways trend since then, Bitcoin is not bearish at all.
With short-term conditions that punish traders with long influence, but financing rates are still high, traders may experience more pain before recovery begins.
Decentrader believes that more heights are expected when this happens.
“We remain optimistic about the higher timeframe and continue to expect the price to rise to the $ 85- $ 90,000 range in the coming weeks, which is in line with the 1,618 Fibonacci retracement level,” the update said.
The accompanying chart shows the goals as well as the nearest support levels, with an immediate focus on the area around $ 59,000, which according to some studies can serve as a strong line in the sand for the bulls.
“When we compare this cycle from Halving’s recent history with previous cycles, we see that so far we have not seen a definite increase in the parabola,” Decentrader continued.
Despite not being particularly in line with the bull run in 2013 or 2017, Bitcoin still lays the foundation for a “parabolic rally”.
“When we overlap such courses on top of each other, we see that today’s courses are not as simple as some of the previous courses, but are in fact a mixture of the two. With a potential dual-tops game that is much more subdued compared to 2013 and less consistency than 2017, it says in the update.
“When we try to break the previous all-time high since May this year, we create the potential for a potential parable rally, as we saw in the later stages of previous bullish moves.”
BTC / USD cycle comparison chart. Source: Buy Bitcoin Worldwide
Taproot meets ETF decision on Sunday
The next few days can be crucial.
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On Sunday, not only will a final decision be made on whether to allow the use of US exchange-traded funds at spot prices, but the Bitcoin Taproot soft fork will also be closed.
While the short-term effect of abandoning the ETF could hurt BTC / USD, 2017 proved that major protocol updates are pure.
Segregated Witness (“SegWit”) was launched four months before the $ 20,000 peak that year, and Taproot represents the biggest update since.
“The last time Bitcoin underwent such a major update was the Segwit update in August 2017. At that time, the price of Bitcoin was $ 4,000 and then skyrocketed to almost $ 20,000 over the next four months,” commented Decentrader.
«Will we see a similar rally this time? Given the number of bullish macros that are currently emerging and the influx of new money entering cryptocurrencies, this is definitely possible. “