Despite the correction, Bitcoin will still reach $90,000 in the “coming weeks”-the latest technical analysis

Bitcoin (Bitcoin) It will still reach $90,000 in the next few weeks after “trapping” leveraged traders.

In its latest Market update On November 12, the trading platform Decentrader emphasized people’s general views on BTC price trends.

Update: High time frame “still bullish”

Many analysts believe that despite losing $4,000 in a single day on Wednesday and moving sideways since then, Bitcoin is by no means bearish.

Have short-term conditions punish Leveraged long traders, but the funding interest rate is still high, however, holders may face more pain before the recovery begins.

Decentrader believes that when it happens, a new historical high is reached.

“We are still optimistic about the high time frame and continue to expect the price to rise to the $85,000 to $90,000 area in the next few weeks, which is consistent with the 1.618 Fibonacci retracement level,” the update said.

The attached chart shows the target and nearby support levels. The most recent focus has been on the area around $59,000, which is studied separately. Also believe Can be used as a strong line for the bulls.

“When we compare this cycle from the most recent halving date with the previous cycle, we can see that we have not experienced the final parabolic rise so far,” Decentrader continued.

Although not Exactly the same Whether it was the bull market in 2013 or 2017, Bitcoin is still laying the foundation for a “parabolic rise”.

“When we stack loops like this, we can see that the current loop is different from the previous loop, but it is actually a combination of the two. Compared to 2013, the potential double top competition is more moderate and more moderate than 2017. Consistency is lower,” reads in the update.

“When we tried to break the all-time high since May of this year, as we saw in the latter part of the last bull market, it was establishing a potential parabolic upside prospect.”

BTC/USD cycle comparison chart.Source: Buy Bitcoin worldwide

Taproot meets ETF decision on Sunday

The next few days may be decisive.

related: Research after the new leverage shock shows that the Bitcoin derivatives market is “healthier” than in the first quarter

Not only see on Sunday final decision Regarding whether to allow the first spot price US exchange-traded fund application, there is locking Bitcoin’s Taproot soft fork.

Although the short-term impact of ETF rejection may damage BTC/USD, 2017 proved that major protocol upgrades have a cathartic effect.

Segregated Witness (“SegWit”) was launched four months before that year’s $20,000 cycle high, and Taproot was the biggest upgrade since then.

“The last time Bitcoin underwent such a major upgrade was the Segregated Witness upgrade in August 2017. The price of Bitcoin at that time was $4,000, and it continued to rise to nearly $20,000 in the next four months,” Decentrader commented.

“Will we see a similar rebound this time? Given the current optimism of many macro indicators and the influx of new funds into the cryptocurrency field, this is certainly possible.”

BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView