Bitcoin News and Finance
Moonshot to $90K — After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally Skip to main content

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

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.

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.

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory