Bitcoin gets a major privacy update in November. Will “Taproot” be as successful as Ethereum’s EIP-1559?

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Taproot-the forgotten upgrade

Everyone is talking only about Ethereum and its upgrades – but Bitcoin is also on the verge of a significant change. So significant that it could push cryptocurrency number 1 to new highs. This assessment is currently shared by the analyst “Cryptomessiah” in a new video.

Here is a brief explanation of the upcoming update: With the integration of the Taproot upgrade, Bitcoin (to buy from eToro or Libertex) will be improved in terms of privacy, scalability and security. Experts agree: with Taproot, Bitcoin could even catch up with Ethereum in the field of smart contracts and defi applications. An exciting performance. Taproot is scheduled to launch in November.

Popular crypto trader Scott Melker also expects big things from the upgrade. He writes to his more than 530,000 followers: “You can’t sleep over this just because the media has stopped talking about it.” Melker cites the success of Ethereum’s EIP – 1559 and Cardano’s Alonzo hard fork, commenting: One should just imagine what happens to Bitcoin when the upgrade starts. Milker:

“The price of ETH has risen through the London Hard Fork and EIP-1559.

ADA is on the rise based on the Alonzo Hard Fork and upcoming smart contracts.

Imagine what will happen to Bitcoin when Taproot is initiated.

Don’t sleep just because the media has stopped talking about it.“

“Bitcoin Moon at Christmas”

CryptoMessiah now shares a similar assessment in a new video. According to his reasoning, BTC will rise to new highs with Taproot. CryptoMessiah also cites the effect of Ethereum’s EIP-1559 upgrade as justification. Just a quick reminder: right after the upgrade went into effect, the Ethereum price exploded from $ 2,700 to more than $ 3,300. The Analyst about EIP-1559:

“Honestly, I thought it was going to be a”sell-the-news” event, and I couldn’t have been more wrong.“

Similarly, Taproot will now develop, says Messiah: The upgrade is a catalyst for a price explosion. And just as many had previously suspected with Ethereum that the update will not have a significant impact on the price, the consequences of the Taproot upgrade may now also be underestimated. Messiah also thinks it is possible that a subsequent Bitcoin rally will also pull the altcoins up.

So November and December could become the most important months for Bitcoin. Top analyst PlanB for example expect at Bitcoin in November with a minimum exchange rate of $ 98,000. Proceeding from this, the Taproot upgrade could put additional buying pressure on the number 1 cryptocurrency. If the conditions are met, Messiah expects a year-end rally in the crypto markets:

“This is the perfect premise for what we all crave, which is the Bitcoin moon in December, at Christmas, when Santa Claus comes. It’s strange, Bitcoin often seems to spin through to the end of December, and that would cover up perfectly with it.“