Bitcoin(BTC) could reach $80,000 in two weeks, says a crypto analyst, backing his opinion on a 2017 fractal.
Various specialists echo the forecast, citing the upcoming ‘Taproot’ upgrade.
A Pennant setup sees Bitcoin at $87,000 in Q4 2021.
YEREVAN (CoinChapter.com) – Bitcoin, the leading cryptocurrency with a $1.2 trillion market cap, hit a new all-time high of $68,564 on Nov 9, correcting afterward. However, a confluence of factors points to a bullish continuation. According to technicals, the upcoming Taproot upgrade, and several experts, BTC could hit new records. One of such experts is Justin Bennett, a crypto analyst and the founder of an educational platform Crypto Academy.
Mr. Bennett saw an analogy with Bitcoin’s 2017 fractal, which could boost the flagship cryptocurrency to $80,000 in two weeks, and at $100,000 by quarter’s end. The analyst specified that BTC has been moving according to the fractal since June and has not deviated.
The $BTC 2017 fractal is still playing out to a T. It's been accurate since June, and #Bitcoin is showing no signs of deviating.
It implies $80k+ in the next two weeks, followed by a mid to late-month pullback, then $100k+ in December. pic.twitter.com/JLrNRfsW9n
According to the prediction, after BTC/USD pair hits $80,000, the digital asset might see a short pullback before rallying to $100,000 by the year’s end. Many experts agree with the bullish forecast, as a significant upgrade is underway.
Taproot is here?
Taproot is the most prominent Bitcoin upgrade in the previous four years. The community voted on the upgrade in June 2021 and passed it almost unanimously, with plans to implement the changes in November.
In detail, Taproot will change the configuration of digital signatures on each transaction, making multi-signature transactions unreadable. As a result, it will increase transaction privacy while opening doors for broader functionality, such as smart contracts.
Alyse Killeen, the founder of crypto-focused venture firm Stillmark, commented on Taproot, saying it has “mind-blowing potential.”
Taproot matters because it opens a breadth of opportunity for entrepreneurs interested in expanding bitcoin’s utility. […]Lightning transactions can be fractions of a penny[…]while a bitcoin transaction at the core protocol layer can be much more expensive than that.
The extended utility could positively affect Bitcoin price. Todd Gordon, the founder of Inside Edge Capital Management, agreed while warning potential investors on the high risks of crypto investments. The executive pointed out that he’s bullish on Bitcoin, but traders should be smart about the percentage of crypto allocation.
I think it should be a part of client portfolios, but a small part. We actually don’t have resistance until about [$125,000] to $150,000, so […] I do think it’ll get there.
The flagship cryptocurrency formed a bullish Pennant after its previous all-time high in late Oct. The pattern consisted of two converging trendlines that restricted the price action and lowered the price swing as the formation progressed.
Bullish Pennants typically occur after a rally and predict a continuation equal to the preceding uptrend. If the forecast pans out, the target price for Bitcoin might stand at $87,000 in Q4 2021. As of publication, the digital asset sought support from the previous all-time high, above $66,100.
BTC/USD pair traded at $66,493 in the London session Wednesday, after breaking out of the Pennant on Nov 8.
Several experts believe that another Bitcoin rally is underway and target Bitcoin price above $100,000 before the year’s end. Technical analysis backs the prediction. Justin Bennett’s analogy with the 2017 BTC fractal is in confluence with the factors listed above. The upcoming month will show if the bullish Q4 forecasts have merit.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
YEREVAN (CoinChapter.com) – Terra, the infamous stablecoin issuance platform, imploded in mid-May, costing investors roughly $45 billion in lost...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.