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 Upgrading Taproot to Activate 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 will allow certain types of sophisticated transactions to increase bitcoin transactions.

People say this often, but this is actually my first …

.

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!

— CryptoSenorita(r) (@CryptoSenorita) November 12, 2021

Schnorr signatures are compact and can increase transaction scale. Schnorr signatures can be used to allow key aggregation. This allows for multi-signature transaction options. 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.

All things considered, people believe that the upgrade will bring new highs (ATH) to the network once it has improved scalability, fungibility and reliability. Bitpanda Pro tweeted about Taproot today, and said that it comes at an opportune moment. “The Taproot upgrade comes at a very bullish time,” Bitpanda tweeted on Friday. Both for the entire crypto market which recently exceeded EUR2.6T and for Bitcoin which has reached new ATHs multiple time over the past few months

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. Bitpanda said that it appeared that the bulls could still push the price higher after the upgrade takes effect. The digital asset exchange stated that Taproot is there to make Bitcoin more efficient, private, and better. This could all be factors that could justify a higher Bitcoin price.

What do you think about the upcoming Taproot upgrade? Please comment below to let us know your thoughts on this topic.

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