Bitcoin (BTC) is stabilizing after yesterday’s pullback from an all-time high near $68,950. Analysts continue to expect further upside for cryptocurrencies despite short-term price swings.
“Volatile price moves are always around the corner,” Nicholas Cawley, an analyst at DailyFX, wrote in an email to CoinDesk. “Longer-term traders in BTC and [ether] ETH may use this recent sell-off to build their positions as sentiment going forward remains positive,” Cawley wrote.
Other analysts pointed to the upcoming Bitcoin blockchain Taproot upgrade as a bullish event for BTC’s price.