Bitcoin price eyes explosion to $80K in two weeks, per a 2017 bull run setup

Bitcoin BTC 100K Pennant Taproot
image from medium.com

Key Takeaways:

  • 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.

Also read: Bitcoin logs new all-time high as crypto market cap tops $3 trillion.

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.

asserted the executive.

Also read: Bitcoin week ahead Ep16: BTC retakes $65K against rising U.S. CPI forecasts.

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.

said the expert.

Bitcoin technical analysis confirms the bullish prognosis, pinpointing the target price above $87,000.

BTC daily chart

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.

Bitcoin could hit over $80K. Source: BTCUSD on TradingView.com
Bitcoin could hit over $80K. Source: BTCUSD on TradingView.com

Also read: Bitcoin rally weakens as Fed announces tapering $120B a month stimulus policy.

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.

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