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Bitcoin has surged higher over the past 48 hours due to positive fundamental trends. The cryptocurrency, which traded as low as $10,400 just a week ago, now trades for $11,400. Less than a few hours ago, the : Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Bitcoin Bull Trend Is Brewing: CoinMetrics Analysis

1/9 Bitcoin has performed remarkably these past few weeks despite:
-Most of DeFi falling 50-80%
-CFTC charging BitMEX
-POTUS contracting Covid
-Delayed stimulus talks
-FCA announcing a derivative ban for retail

Why? Let’s see what we can find on-chain

— CoinMetrics.io (@coinmetrics) October 9, 2020

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase

There’s a Lot of Room to Grow

Analysis indicates that the leading cryptocurrency has a lot of room to grow from here.

A crypto-asset chartist recently shared this chart below, which suggests that each of BTC’s macro rally highs has all formed at a Fibonacci extension ending in “0.272.” The analysis suggests that the next cryptocurrency’s high will be approximately $270,000, around 2,500% above current prices.

This optimistic analysis lines up with the sentiment shared by many other in the space. Investors like Dan Tapiero and Raoul Pal, of Gold Bullion Int. and Real VIsion, respectively, both think that the cryptocurrency will undergo an exponential rally during this market cycle.

Brave New Coin Bitcoin Liquid Index Fibonacci Extension Predicts Next Peak | Source: TradingView
Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

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