Market Wrap: Bitcoin Expected To Rise on Taproot Upgrade

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Market Wrap: Bitcoin Expected To Rise on Taproot Upgrade

By CNBS News

Cryptocurrencies were mostly lower on Friday after buyers failed to sustain the all-time price highs reached in bitcoin and ether earlier this week. Analysts expect trading activity to advance next week following the Bitcoin Taproot upgrade, which aims to improve privacy and efficiency on the blockchain network.

“Bulls may have some power left to push the market higher as a result of the [Taproot] upgrade,” Lukas Enzersdorfer-Konrad, chief product officer at Bitpanda, wrote in an email to CoinDesk.

The upgrade is expected to be implemented in the next few days, although other analysts expect minimal impact on bitcoin’s price. It’s possible some investors have entered long positions ahead of the Taproot upgrade given BTC’s near 30% gain over the past few months.

In the meantime, traders are looking beyond bitcoin for additional profit opportunities, albeit after a possible price correction.

“Bitcoin’s chart has likely become too noisy to remain a reliable indicator of the crypto market, conceding that role to ether,” Alex Kuptsikevich, an analyst at FxPro, wrote in an email to CoinDesk. “If so, a break of this strong uptrend could prove to be the first signal of a correction,” which could encourage buying on dips, Kuptsikevich wrote.

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