After a strong drop earlier this week as the U.S. Dollar bounced, Bitcoin has returned to an uptrend. The leading cryptocurrency currently trades for $15,930, $40 below the year-to-date highs, and $70 below the critical $16,000 resistance level.
Altcoins are rallying too. Ethereum has gained 5% in the past 24 hours as it has reached its highest price since the summer rally.
Analysts are hopeful that Bitcoin will continue its ascent as the fundamentals and the technicals of this space suggest further growth is ahead.
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Bitcoin May Soon Break $16,000
Bitcoin seems primed to break past the $16,000 resistance as it tests that key level for the third time in a week. The trend is favoring bulls are BTC has managed to flip key levels such as $15,000 into support while prices form a clear short-term uptrend.
Chart of BTC’s price action over the past tow weeks from TradingView.com
Analysts are confident that this latest leg will drive Bitcoin toward $17,000 or even $18,000. One commented on the weekend:
“I think there’s a decent chance bitcoin breaches $17k and even into $18k in the next 10 days (next weekly candle). We are due for a decent mid timeframe blowoff and chill for a bit and wicking into the ATH cluster just feels so right… The path to $18k or ATH wick seems the path of least resistance. Nobody wants to sell until then and everybody is buying dips. Easiest way to create market balance is to do it quickly then let the market chop around a bit.”
Bitcoin is set to rally higher as fundamental trends align in favor of growth. The hash rate has bounced around 60-70% in the past days alone while Stanley Druckenmiller, a Wall Street billionaire, recently endorsed Bitcoin.