Bitcoin will hit $ 90,000 ‘in the coming weeks’ despite the retracement – analysis

Bitcoin (BTC) continues to climb to $ 90,000 in the coming weeks after leveraged traders were “caught”.

In its latest market update on November 12th, the Decentrader exchange highlighted the prevailing opinion on BTC price developments.

Update: Highest time frame “still optimistic”

Although Bitcoin lost $ 4,000 on just one Wednesday and has been trending sideways since then, Bitcoin remains nothing but bearish, argue many analysts.

Because short-term conditions penalize long-term traders with leverage, funding rates remain high, but stock sellers can be in more pain before a rebound begins.

Decentrader believes that if this happens, an all-time high will occur.

“We remain optimistic about the high timeframes and continue to expect the price to rebound in line with the 1,618 Fib retracement to the USD 85,000-90,000 range in the coming weeks,” the update said.

An accompanying chart shows the target as well as nearby support levels closest centered around the $ 59,000 area, which some separate studies also believe could serve as a strong line in the sand for bulls.

“If we compare this cycle from the most recent halving to previous cycles, we can see that we have not seen a final parabolic rally,” Decentrader continued.

Although Bitcoin isn’t particularly like the 2013 or 2017 cops, it is still in the process of laying the groundwork for a “parabolic bull run”.

“When we stack cycles in this way, we can see that the current cycle doesn’t exactly match either of the previous two cycles, but is actually a combination of the two. The update reads with potentially more subdued top 2 issuers compared to 2013 and less consistent compared to 2017.

“As we attempt to rebound from the all-time high from May this year, this opens the prospect of a potential parabolic bull run like we saw in the late stages of the bull cycle.

Taproot makes ETF decision on Sunday

The next few days could be decisive.

Related: Bitcoin Derivatives Markets “Healthier” Than Q1, Research Says New Leverage Shift

On Sunday, not only was the final decision whether the first US exchange-traded fund application with spot prices would be approved, but also the blocking of Bitcoin’s taproot soft fork.

While the short-term effects of an ETF rejection could have an impact on BTC / USD, 2017 has proven that major protocol upgrades have a positive impact.

Segregated Witness (“SegWit”) kicked off four months from its annual high of $ 20,000, and Taproot represents the largest upgrade since then.

“The last time Bitcoin had such a big upgrade was the Segwit upgrade in August 2017. At that time, Bitcoin was priced at $ 4,000, then went up to almost $ 20,000 over the next four months.” , commented Decentrader.

“Will we see a similar rally this time? Given the current upward trend in many macro indicators and the rush of new money in cryptocurrencies, this is certainly possible. ”