Leading cryptocurrency Bitcoin (BTC), Despite the sharp decline experienced today, it may still be actively maintaining its upward target. Looking at the price action on November 12, it seems that the $4,000 drop on Wednesday was actually for leveraged trading.
According to the statement made by Decentrader, this situation can actually be explained as a classic leveraged transaction clearing before new records.
What’s the Latest Situation for Bitcoin?
Emphasizing that they still remain optimistic in the long term and technical analysis, the analyst said:
“We are still optimistic in the long term and expect the price rally to continue to the $85,000 to $90,000 region. This is actually in line with the 1.618 Fibonacci retracement point.”
The analyst, in his subsequent statement, emphasized that $59,000 was support. Analyzing the previous block reward halvings and the subsequent rises, the analyst emphasized that there was exactly such a movement in 2013 and 2017.
The analyst now thinks that the double top experienced in 2013 may occur and the price will end the rally with a new record.
Especially the fact that Taproot will be activated may initiate the expected price action for Bitcoin. The Taproot update is known to be the biggest post-SegWit update and the effects are expected to be seen on Sunday.
Decentrader stated that when SegWit arrived, the price took action, adding that there was no reason why it shouldn’t be for Taproot. BTC is currently trading at $64,000.