Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks

Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks
Bitcoin was roughly flat over the past 24 hours, suggesting that investor enthusiasm over the Bitcoin blockchain’s Taproot upgrade is starting to fade. In October some analysts warned the upgrade might already be priced in given BTC’s near-40% rally over the past few months.Still, it remains to be seen whether investors will continue to accumulate BTC in hopes of long-term gains. “Historically, bitcoin has risen after past upgrades [to the Bitcoin blockchain], so many see this as possibly history repeating itself,” Marcus Sotiriou, a trader at U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk.Over the short term,…