The price of Bitcoin is still running towards a sum of $90,000 in the next couple of weeks after the crypto trapped traders who were leveraged. In the latest update in the cryptocurrency market on the 12th of November, Decentrader, a trading platform, went ahead and underscored popular sentiment on the price action of this cryptocurrency.
Bitcoin High timeframes “remain bullish”
Although the cryptocurrency did manage to lose around $4000 in a single day on the 10th of November, Bitcoin isn’t bearish yet. Most analysts believe that BTC is going strong, even though it has been trending sideways since. With most of the short-term conditions ending up punishing long traders who have been leveraged coupled with high funding rates, several holders could be in for a world of pain before the recovery steps in.
When the recovery would come in, Bitcoin would definitely touch new all-time highs, according to Decentrader. The update mentioned that the cryptocurrency will remain bullish on its high time frames while continuing to expect the price of the crypto asset to increase up to a sum of $85,000 – $90,000 in the next couple of weeks, which would be in perfect alignment with the fib retracement level at 1.618.
A chart that accompanied the update also showcased the target along with nearby levels of support, the nearest highlighting the area around $59,000, which researchers believe could act as a fine line for bulls in the sand.
Decentrader continued that when the current cycle was compared with the most recent halving date, one would be seeing that as of now, Bitcoin hasn’t yet experienced a final parabolic run-up. As far as reports go, the cryptocurrency is still in its fledgling process of building the foundations for its parabolic run-up.