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Bitcoin has undergone a strong rally since Monday’s lows of $13,200. The leading cryptocurrency currently trades for $13,900, up 3.2% in the past 24 hours. Bitcoin is trading slightly below its daily highs of $14,100, which it breached earlier today when the U.S. Dollar dropped rapidly.
While Bitcoin is still failing to hold above $14,000, analysts think that the coin could continue higher. $14,000 has long been an important level for BTC, holding as resistance in 2019 and marking the 2017 yearly candle close in notable fashion.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin Could Move Higher, Historically Accurate Analyst Says
Bitcoin has seen a strong bounce since the lows put in on Monday and the slightly higher lows seen on Tuesday. As of this article’s writing, BTC trades for $13,900, $700 above the week-to-date lows of $13,200.
Analysts say that the cryptocurrency will continue to inch higher in the days ahead.
One historically accurate trader shared the chart below shortly after Bitcoin tapped $14,000 on Tuesday evening. As the chart below shows, BTC remains in a clear uptrend and is trading in a bullish fractal. The analysis suggests that Bitcoin could move to $14,500 to $14,600 in the coming 24 to 48 hours.
Of note, this trader has been one of the most accurate fractal analysts over the past few months. He predicted a number of BTC’s price trends, including the rally in the summer, using fractals. His historical accuracy lends to the sentiment that Bitcoin will soon move higher toward $14,500, setting new multi-year highs.
Chart of BTC's price action over the past few weeks with analysis by crypto trader Kaleo (@Cryptokaleo on Twitter). Source: BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For BTC
On-Chain Trends Bullish for BTC
On-chain trends bolster the sentiment that Bitcoin will move higher from here. Willy Woo, a leading on-chain analyst, recently noted that the leading cryptocurrency has seen a strong uptick in user adoption, supported by new buyers of Bitcoin:
“The rate of Bitcoin user adoption took a step change UP last month. This latest round of bullish price action has been supported by organic buyers. Interestingly it happened BEFORE the PayPal announcement.”
The rate of Bitcoin user adoption took a step change UP last month. This latest round of bullish price action has been supported by organic buyers.
Interestingly it happened BEFORE the PayPal announcement. pic.twitter.com/FPWOJ69uiq
— Willy Woo (@woonomic) November 4, 2020
Woo has noted previously that one of the key metrics he tracks, NVT Price, has set a new all-time high despite Bitcoin’s price remaining below the all-time highs.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Predicted Bitcoin Rally to $14,000 Says $14,500 Is Next
