Bitcoin is expected to reach USD 90,000 “in the coming weeks” despite pullback – latest technical analysis

Bitcoin (BTC) is still set to soar to $ 90,000 in the coming weeks after leverage traders are “locked in”.

In its latest market update on November 12th, the trading platform Decentrader underlined the popular sentiment towards BTC price developments.

Update: high timeframes “stay bullish”

Although Bitcoin lost $ 4,000 in a single day on Wednesday and has since trended sideways, Bitcoin is anything but bearish, argue many analysts.

Because short-term conditions penalize leveraged long traders, but funding rates are still high, Hodlers can be in more pain before a recovery sets in.

If so, new all-time highs are due, Decentrader believes.

“We remain bullish on high time frames and continue to expect the price to climb to the $ 85,000-90,000 region in the coming weeks, which is in line with the 1.618 fib retracement level,” the update said.

An accompanying chart showed the target as well as nearby support levels, with the next focusing on an area around $ 59,000 where other research believes it could serve as a strong line in the sand for bulls.

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

Although Bitcoin is neither identical to the Bull Runs 2013 nor 2017, Bitcoin is still in the process of laying the foundation for a “parabolic run-up”.

“If we overlay the cycles like this, we can see that the current cycle does not directly resemble any of the previous cycles, but is actually a combination of the two. With a more subdued potential double top game compared to 2013 and less consistency than 2017, ”the update says.

“As we try to break the previous all-time high of May this year, this opens up the prospect of a possible parabolic approach, as we saw in the late stages of previous bull runs.”BTC / USD cycle comparison chart. Source: Buy Bitcoin Worldwide

Taproot makes ETF decision on Sunday

The next few days can be decisive.

Related: Bitcoin derivatives markets “healthier” than in the first quarter, according to a study after a new level of leverage

On Sunday, not only will the final decision be made as to whether the first spot price application will be approved for a US exchange-traded fund, but also the blocking of Bitcoin’s taproot soft fork.

While the short-term effects of an ETF rejection could hurt BTC / USD, 2017 proved that major protocol upgrades have a cathartic effect.

Segregated Witness (“SegWit”) kicked off four months ahead of this year’s 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 the time, Bitcoin was priced at $ 4,000, then rose to almost $ 20,000 in the next four months,” commented Decentrader.

“Will we see a similar rally this time? Given how optimistic many macro indicators are right now, and the rush of new money infiltrating the cryptocurrency, this is certainly possible. “BTC / USD 1-day candle chart (Bitstamp). Source: TradingView