Bitcoin failed to rise above $70,000 and corrected strongly after encountering resistance around $69,000. Noting the large number of forecast models, analysts believe that Bitcoin will reach $100,000 in the next few weeks. One of them is PlanB’s Stock-to-Flow model, which has accurately predicted Bitcoin price action since its launch in 2018. Accordingly, Bitcoin will trade above $98,000 in November and will rise above $135,000 by the end of the year.
While some expect the bullish cycle to end at the top of $100,000, crypto technical analysis and on-chain data analyst Matthew Hyland says this will trigger the next and final “Euphoria” bubble.
What is euphoria?
Euphoria is the final part of a bubble
It is when asset prices reach extreme valuation pic.twitter.com/dC1Jmo1jwA
— Matthew Hyland (@Parabolic_Matt) November 9, 2021
The analyst is referring to the 2017 bull run, when Bitcoin rose 150 percent from $8,000 to $20,000 in the 22 days between November 24, 2017 and December 16, 2017. Accordingly, if Bitcoin reaches $100,000 and enters this cycle, the digital asset is likely to surge up to $250,000 in January.
Taproot update to keep Bitcoin in the network race
While a price level of $100,000 for Bitcoin is still far from happening, a major development in the near future holds a lot of promise.
The Taproot update is expected to finally be activated this week. The update will improve network security and privacy measures. Additionally, and perhaps more critically, the innovation is the expansion of smart contract and scripting capabilities. In this way, Bitcoin will be able to compete with other networks such as Ethereum and ‘Ethereum killers’, which have become the networks on which projects are built.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.