Crypto trader Tyler Swope says that Bitcoin’s latest upgrade could be the fuel that BTC needs to send the leading digital asset to new all-time highs.
In a new strategy session, the host of Chico Crypto says that Taproot, the soft fork that aims to enhance Bitcoin’s privacy measures and smart contract flexibility, might be some of “the best news ever” for BTC.
“This is great for Bitcoin. I mean, it’s some of the best news ever because Bitcoin is about to get privacy and it’s about to get some more complex smart contracts that can make it do a lot more things. There’s going to be a big conversation coming on. I’m extremely bullish on Ethereum…
I said I’m selling some of my Bitcoin for Ethereum, and I did do that. I picked up a good stack of Ethereum with some of my Bitcoin. But I mean there’s parts of me that are like ‘Was that a good idea?’ I think it’s a good idea for the short to mid-term but in the long term Bitcoin may still win out.”
Taproot, now locked in, is set to be activated in November. Around that time, Swope says that Bitcoin’s market cap will likely be in the $1.5 trillion range or roughly $80,000 in price.
“This upgrade probably is going to be when Bitcoin is back into the trillions. Maybe even like $1.5 trillion alone. Bitcoin will make $1.5 trillion itself around the time this upgrade goes live. But the upgrade is locked in you guys.”
The widely followed analyst and trader recently called for Bitcoin to be trading at $150,000 on December 15th, 2021.
“The top for this cycle will be between $100,000 to $200,000 by December 2021. This is and has been my prediction for a long time. But if I had to give you a specific number and day, how about right here: $150,000 by December 15th, 2021.
…Some bears got locked out, and they won’t let them out because this pattern may be a triple bottom and not a top… Three clear bottoms and after that, according to my TA, Tyler Analysis, it means up.”
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