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bitcoin

Bitcoin remains on course to hit $90k despite brief retreat – Report

Seasoned cryptocurrency analysts remain optimistic that bitcoin will embark on a parabolic run before the end of the year.

As reported by Cointelegraph, citing a market update by DecenTrader, the high time frames “remain bullish,” suggesting that bitcoin’s price will smash its current ATH of $68,789.63 and could sell for as much as $90,000.

“We remain bullish on high time frames and continue to expect the price to rally up to the $85,000 –$90,000 region in the coming weeks, which aligns with the 1.618 fib retracement level,” the update read.

Can Bitcoin price withstand Taproot and ETF Approval test?

Bitcoin

The stability of bitcoin’s price will be tested in the coming days as we head for the Taproot upgrade which aims to enhance the token’s security, efficiency and smart contract features. The final decision on crypto ETFs in the US is also expected to come in on the same day.

Bitcoin could dip even further if any or both upcoming events don’t go as planned.

But according to the update released by DecenTrader, historical data, a “final parabolic run-up,” is still in the offering this year.

“When we compare this cycle from the most recent halving date to previous cycles, we can see that so far, we have not experienced a final parabolic run-up.”

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About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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