Bitcoin (BTC) is still on to run to $xc,000 in the coming weeks after "trapping" leverage traders.

In its latest market update on Nov. 12, trading platform Decentrader underscored popular sentiment on BTC cost action.

Update: High timeframes "remain bullish"

Despite losing $4,000 in a single day on Nov. x and trending sideways since, Bitcoin is annihilation merely surly, many analysts contend.

With brusk-term conditions punishing leveraged long traders but funding rates still high, however, hodlers may be in for more hurting earlier a recovery kicks in.

When it does, new all-time highs are due, Decentrader believes.

"We remain bullish on high time frames and go along to expect the toll to rally upwards to the $85,000 –$90,000 region in the coming weeks, which aligns with the 1.618 fib retracement level," the update stated.

An accompanying chart showed the target as well as nearby back up levels, the nearest focusing on an surface area around $59,000, which divide research believes could act equally a strong line in the sand for bulls.

"When nosotros compare this cycle from the most recent halving date to previous cycles, we can run across that so far we accept not experienced a final parabolic run-up," Decentrader continued.

While not specifically identical with either the 2022 or 2022 bull runs, Bitcoin is still in the process of laying the foundations for a "parabolic run-up."

"When we overlay the cycles like this, we can run into how the current bicycle is not directly like either of the previous cycles simply is in fact a combination of the two. With a more than muted potential double-top playing out compared to 2022, and less consistency than 2022," the update read.

"As we endeavour to break out of the previous all-time loftier from May this yr, it is setting up the prospect of a potential parabolic run-up as we saw in the late stages of the previous bull runs."
BTC/USD wheel comparing chart. Source: Buy Bitcoin Worldwide

Taproot meets ETF decision Sun

The next few days may be decisive.

Related: Bitcoin derivatives markets 'healthier' than in Q1, says enquiry later fresh leverage shakeout

Dominicus sees not only the final decision on whether to allow the first spot toll U.Due south. exchange-traded fund awarding, but also the locking in of Bitcoin'southward Taproot soft fork.

While short-term fallout from an ETF rejection may injure BTC/USD, 2022 proved that major protocol upgrades have a cathartic effect.

Segregated Witness ("SegWit") launched 4 months before that year's $twenty,000 bike highs, and Taproot represents the largest upgrade since.

"The final time Bitcoin had such a major upgrade was the Segwit upgrade in Aug 2022. At that time, the price of Bitcoin was at $4000, it then went on to rally up to nearly $20,000 in the following iv months," Decentrader commented.

"Will we see a similar rally this fourth dimension around? Given how bullish many macro indicators are looking right now, and the blitz of new coin entering crypto, information technology is certainly possible."
BTC/USD one-mean solar day candle chart (Bitstamp). Source: TradingView