Cryptocurrency market update for November 16, 2021

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Anthony Scaramucci and Willy Woo disagree on the value of bitcoin.

Bitcoin made an unsuccessful attempt to break through the 100.0% Fibonacci level on Monday, November 15. Earlier, as can be clearly seen in the figure below, Bitcoin quotes had already made a successful attempt to break through this level, but later moved down. Thus, the upward section of the trend may already be completed.

However, many still count on a stronger strengthening of Bitcoin. In recent weeks, forecasts for the future value of Bitcoin have begun to pour in from all sides again. The year 2021 is coming to an end, and note that many analysts predicted six months ago that Bitcoin would reach $100,000 per coin.

So far, non of these forecasts have come true, and now we are down to a month and a half until the year ends. But we are still looking forward to this forecast to happen. And for Bitcoin to pass $35,000 in 45 days is not such an impossible task.

One of the well-known crypto enthusiasts who believe in the $100,000 per BTC coin by the end of the year is SkyBrige Capital's Anthony Scaramucci. Scaramucci advised investors to buy bitcoin at current prices because then it will cost much more.

But not everyone is in favor of this. Well-known crypto analyst and journalist Willy Woo disagrees with this stance. In his opinion, Bitcoin is now unable to continue increasing, although it is not far from historical highs.

Woo said that there are too many speculators on the market at the moment, which does not help the quotes to grow. He also noted that after the launch of the first bitcoin-based ETF fund, many investors prefer to buy the fund's shares or futures, rather than Bitcoin itself.

Bitcoin Taproot upgrade did not affect the cryptocurrency exchange rate in any way.

The cryptocurrency market has hardly reacted to the first global upgrade on the Bitcoin network in the last four years. The Taproot upgrade is designed to reduce the amount of fees for transfers due to the introduction of new technologies. Through this, it is also possible to create and transfer smart contracts.

Why didn't the market react to Taproot in any way? Most likely, because they had already taken this upgrade into account in the prices since it was not a secret. Nonetheless, the overall structure of Bitcoin has improved and the upgrade will undoubtedly have a positive impact on the cryptocurrency. But now there are more important topics that can have a much greater impact.

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Bitcoin has been in thought for the last few weeks but still made a successful attempt to resume the construction of an upward trend section. The picture above shows that the current upward section of the trend does not cause any doubts.

The wave pattern was refined after the instrument made a successful attempt to break through the maximum of the assumed wave 3. Now the whole picture looks like an impulsive five-wave upward trend section, which began its construction on July 20. If this is indeed the case, the construction of wave 5 has now begun as part of this section, which may be the last.

However, even such a seemingly unambiguous structure raises some concerns. Firstly, wave 4 can still take a three-wave, non-standard form. Secondly, the trend area after September 21 may be one wave, the third. Then the construction of the fourth wave will begin now, and the fifth - later.

Thus we derive the conclusion that Bitcoin has already climbed very high and it will be scary to buy it at such high price levels. Although with the option of building a third wave at this time, Bitcoin may well grow to $100,000 over the next 2-3 months.

The material has been provided by InstaForex Company - www.instaforex.com

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