Fun

Moonshot to $90K — After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally

News Feed - 2021-11-13 08:11:04

Moonshot to $90K — After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally


In mid-June, the ‘Speedy Trial’ lock-in period for the Bitcoin network upgrade Taproot locked in at block height 687,285 and was mined by the bitcoin mining pool Slushpool. Taproot is expected to activate on the network on Saturday, November 13, 2021, and the upgrade is considered one of the largest changes the protocol has seen since Segregated Witness (Segwit) went live in 2017. Bitcoin Upgrade Taproot Expected to Activate on Saturday


Taproot is expected to activate and go live on the main network on Saturday, November 13, 2021, following the lock-in period this past summer. When activated, Taproot is expected to enhance the digital currency network’s scripting capacity and the ability to leverage Schnorr signatures (BIP340) will be made available. Taproot is also expected to amplify bitcoin transactions by allowing certain types of complex, ‘smart’ transactions. People say this often but this is actually the first time I do…


this may literally be the last dip before a HUGE rally…#Bitcoin Taproot upgrade happening this weekend + the middle of November Q4 on a bull run has always been super bullish…


Buckle up people!! 🚀


— CryptoSeñorita® (@CryptoSenorita) November 12, 2021



Schnorr signatures can help transactions scale as they are more compact than ECDSA. Schnorr can also allow key aggregation, which provides a slew of multi-signature transaction schemes. While Taproot (BIP341) creates new rules for a new Pay-to-Taproot (P2TR) output type, the upgrade is a soft fork and is entirely opt-in like its predecessor Segwit.


“Taproot is a proposed Bitcoin protocol upgrade that can be deployed as a forward-compatible soft fork,” the Github “Taproot-Activation” documentation notes. “By combining the Schnorr signature scheme with MAST (Merklized Alternative Script Tree) and a new scripting language called Tapscript, Taproot will expand Bitcoin’s smart contract flexibility, while offering more privacy by letting users mask complex smart contracts as a regular bitcoin transaction.” Decentrader Market Analyst Expects ‘the Price to Rally up to the $85K – $90K Region in the Coming Weeks’ — Taproot Upgrade Could Also Be Priced In


Discussions concerning the Taproot upgrade are all over cryptocurrency forums and social media platforms during the last few days. The much-anticipated Taproot upgrade will officially go live at block height 709,632. The activation of this specific upgrade has caused people to speculate that BTC’s price may spike significantly higher after a successful soft fork. $BTC sitting at the weekly support zone (former resistance), while the taproot upgrade is coming👀


To be honest things are looking bullish📈

By Alex 👤 pic.twitter.com/NEQr6bLDts


— IAMTHEONE👽🦕🦬 (@BigShortRare) November 12, 2021



On November 12, a bitcoin market update blog post published by decentrader.com says that market sentiment could spark a rally after the Taproot upgrade. Despite bitcoin’s (BTC) current volatility after the crypto asset tapped $69K, Decentrader explained the analysts are still “bullish” about BTC’s price rising higher. The market update states: We remain bullish on high time frames and continue to expect price to rally up to the $85,000 – $90,000 region in the coming weeks, which aligns with the 1.618 fib retracement level.


Overall, people believe that once the network gets improved scalability and fungibility, the upgrade could bring a new all-time high (ATH). The Bitpanda Pro Twitter account discussed Taproot today and noted that the upgrade comes at a very opportune time. “The Taproot upgrade comes at a very bullish time,” Bitpanda tweeted on Friday. “Both for the total crypto market, which recently surpassed a value of €2.6T for the first time, and for Bitcoin itself, which has hit new ATHs multiple times over the past few weeks.”


However, Bitpanda also admitted that the upgrade’s value could already be priced in, and the recent ATH to $69K could have been the spike. “However, it appears that the bulls may still have some power left to push the price higher once the upgrade comes into effect,” Bitpanda added. “Taproot, after all, is here to make Bitcoin better, more efficient, and more private, all of which are factors that could justify a higher price,” the digital asset exchange concluded.


What do you think about the upcoming Taproot upgrade? Let us know what you think about this subject in the comments section below. As Bitcoin Soared Past $68K, Plan B Says Floor Model Shows BTC Reaching "$100K This Year" MARKET UPDATES | 3 days ago The Crypto Economy Soars Past $3 Trillion — Momentum of Value Grew Much Faster Than Apple"s Market Valuation MARKET UPDATES | 4 days ago Tags in this story 2017, Bitcoin, Bitcoin (BTC), Bitcoin Taproot, Bitcoin Transactions, BITPANDA, Bitpanda Pro, block height 709632, Consensus, Decentrader, decentrader.com, Market Update, Schnorr Signatures, Script, Segregated Witness, SegWit, Smart Contracts, Soft Fork, Taproot, Taproot Bitcoin, Taproot upgrade, Upgrade


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

ETH PoS Upgrade to Transition on September 15 to 16 — Ethereum Devs Reveal ‘Tentative Mainnet TTD’ for The Merge
ETH PoS Upgrade to Transition on September 15 to 16 — Ethereum Devs Reveal "Tentative Mainnet TTD" for The Merge Following the successful implementation of The Merge into Ethereu
Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains
Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains Quant moved close to a six-month high on Saturday, as the token remained in the green for a second consecutive ses
SIX Swiss Exchange Receives Regulatory Approval to Launch Digital Asset Bourse
SIX Swiss Exchange Receives Regulatory Approval to Launch Digital Asset Bourse Switzerland’s stock exchange SIX has won regulatory approval to launch its long-awaited bourse
‘Patron NFTs’ could be answer to ‘broken’ crypto fundraising model — Kain Warwick
Brayden Lindrea12 hours ago‘Patron NFTs’ could be answer to ‘broken’ crypto fundraising model — Kain WarwickVenture capitalists and angels get a “100x better deal than everyone else” under the current crypt
Bitcoin Cash Shows Maturity in Its Fourth Anniversary
Bitcoin Cash Shows Maturity in Its Fourth Anniversary Born four years ago as a result of the disagreement between two groups over scaling issues, Bitcoin Cash ha
Bandai Namco Announces Gundam Themed Metaverse
Bandai Namco Announces Gundam Themed Metaverse Bandai Namco, a game developer and publishing company involved in the production of toys from several intellectual properties (IPs),
Martin Young3 hours agoCelsius creditors flag renewed phishing attacks ahead of bankruptcy planCreditors of crypto lender Celsius Network have reported receiving a new flood of phishing emails, likely resulting from two
David Attlee13 hours agoRipple’s major success in its court battle with the SEC: Law Decoded, July 10–17Ripple Labs scored a partial victory in its lengthy legal battle with the United States Securities and Exchange
Yashu Gola9 hours agoEthereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?Bitcoin ETF and halving buzz have boosted BTC"s demand compared to Ethereum in recent weeks.2625 Total views4 Total
Ana Paula Pereira4 hours agoFTX advisers sharing customers’ data with FBI: ReportFTX advisers have complied with subpoenas from multiple FBI field offices in recent months, providing law enforcement with records of som
Moody’s assigns ‘A-bf’ rating for OpenEden’s tokenized fund
Ana Paula Pereira7 hours agoMoody’s assigns ‘A-bf’ rating for OpenEden’s tokenized fundOpenEden’s TBILL received an “A-bf” rating from Moody’s Ratings on June 19, as more T-bills are going onchain.597 Tot
SLP Token Market Cap Surpasses $50 Million
SLP Token Market Cap Surpasses $50 Million For over a year now, the Simple Ledger Protocol (SLP) token universe has grown quite vast. There are now more than 6,000 SLP tokens in