Recently, a crypto influencer and analyst, Tyler Swope, elaborated about how he calculated the Bitcoin (BTC) price target for the end of this year. He also discussed the Taproot upgrade of Bitcoin. Swope stated, according to a Daily HODL report, that by December the value of Bitcoin will hit $300,000 which sounds bullish. He added that by looking at the top to top cycle in the recent time between 2013 and 2017, we can analyze the progress by awarding the expression ‘20x’ to the decrease in the value of BTC between $1,000 to $20,000. The previous cycle between 2011 and 2013, he mentioned, can be analyzed by awarding the expression ‘100x’ to the decrease between $10 and $1,000.
He disclosed that if these statistics are examined one would come to know that the decrease between ‘100x’ and ‘20x’ is 80% as the cycles show. Then at the end of 2017, he remarked, the value lowered down to $20,000, and subsequently, it will drop to $300,000 till December 2021 by decreasing to ‘15x’ to cause another 25% contraction in Bitcoin value. He alluded to mention even the exact date and value of BTC by the year’s end by stating that on 15th December 2021 its value will be $150,000.
Binance Academy commented on the Taproot upgrade by wording it in a favoring manner. The firm stated that among the highly expected technological improvements including Schorr signatures, one is the Taproot upgrade. The company further mentioned that the operational procedure of Bitcoin will be revolutionized concerning this upgrade as the scripts will be incorporated with enhanced privacy, security, and scalability.
An article was published by CNBC on 12th June named “Bitcoin just got its first makeover in the four years”. The CEO of Digital Holdings, Fred Thiel, discussed that smart contracts are the most significant thing in the Taproot upgrade as the primary stimulator for innovations in Ethereum.