Bitcoin Permabulls Confident Of a BTC/USDT Breakout to $98k
Bitcoin is the pulse of crypto, and right now, the beat isn’t that fast. There has been a cool-off of prices, but valuation is still decent and at near-record highs.
From the daily chart, the bullish breakout of early last week is valid, setting the tone for subsequent price action.
Bitcoin Market Performance and Price Status
As it is, aggressive buyers might find entries on every dip to ramp up in anticipation of another leg up that may see the coin above $67k to new 2021 territory.
Fundamental factors play a big role in pumping Bitcoin prices, no doubt. Among the coin’s most significant drivers is institutional adoption.
The approval of the Bitcoin Futures ETF was one thing. However, the endorsement of BTC by El Salvador, making it legal tender, is another.
Crypto and Bitcoin buyers positively interpret the embrace from U.S. regulators but want something more.
Approval of an ETF directly tracking the spot price of BTC would be massive. Already, other regulators agree that Bitcoin prices are robust enough and aren’t manipulated since there are guiding laws, mainly on exchanges.
Depending on the direction taken, the short-to-medium trajectory of BTC/USDT prices depends on the reaction at $64k on the lower end and $67k—all-time highs—on the other.
The contraction of Bitcoin prices from spot rates below $64k and later $60k may mark the end of the Q3 to early Q4 2021 rally.
On the other hand, a high volume break above $67k would be enough to see BTC fly to new highs towards $100k, as analysts predict.
Bitcoin to $98k by the End of November
PlanB, the on-chain Bitcoin analyst and permabulls, predicts that BTC/USDT would surge to $98k by the end of November.
Plan₿'s $98K #Bitcoin price target for the end of November is on track. Plenty of time.
Enjoy the ride. 😎👍 pic.twitter.com/9PObkXFa7u
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 12, 2021
It is a forecast that’s still valid despite the contraction of prices last week. Mapping out PlanB’s prediction reveals that the $98k mark flashes with the 1.618 Fibonacci extension level of the H1 2021 trade range.
Still, how Bitcoin bulls would reach this level, further lifting the coin’s valuation, depends on participation level. The stronger the breakout above $67k reversing last week’s losses, the faster the sprint to $98k in a buy trend continuation pattern.
Taproot the Trigger for $285k
Yet, another trader on Twitter thinks the integration of the Bitcoin Taproot on the world’s most valuable network might cause a dump.
#Bitcoin Target $285k Chart:
1st #Bitcoin Taproot upgrade:
Price was $4300
Dumped $3000 ( -30% )
Pumped : $19900 ( 362% )
Now 2nd #Bitcoin Taproot Upgrade activated:
Worst case Support: $45000 ( -30% )
Target: $285000 ( 360% )#DYOR #crypto #BTCUSDT #BTC pic.twitter.com/ba2BRuKGnB
— Crypto Patel (@CryptoPatel) November 14, 2021
However, recovery after that would be the fuel for the next leg up that might see the coin race to $285k in the weeks and months to come. The community is developing the Bitcoin network.
One of the most critical upgrades right now is the activation of Taproot that would make transactions more private, even scaling the blockchain.
According to the analyst, this multi-phase upgrade triggers BTC to clear the recent liquidation line to over $250k.
BTC Sellers Lay Siege
While the rest of the markets are bullish on Bitcoin, one trader on YouTube is cautious of the uptrend.
In his view, the trader thinks the coin might dump in the short term as long as BTC/USDT is below the $66k level.
From his analysis of the 1HR chart, BTC is trading within a bear flag, trending inside losses of November 10, which conspicuously had high trading volumes and wide-ranging.
In this case, unless there is a sharp, clear break above $67k, sellers are in a better position and may drive BTC towards $60k.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.