Bitcoin is still on to run to $90,000 in the coming weeks after “trapping” leverage traders.
In its latest market update on Nov. 12, trading platform Decentrader underscored popular sentiment on BTC price action.
Despite losing $4,000 in a single day Wednesday and trending sideways since, Bitcoin is anything but bearish, many analysts argue.
With short-term conditions punishing leveraged long traders but funding rates still high, however, hodlers may be in for more pain before a recovery kicks in.
When it does, new all-time highs are due, Decentrader believes.
“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,” the update stated.