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 coin was trading just shy of $11,500.

BTC’s ongoing move higher has convinced many analysts that a larger bull trend is brewing under the surface. Coin Metrics, a top blockchain analytics and data firm, made this much clear just recently.

The firm released an extensive Twitter thread noting that while there were fundamental factors that drove lower this past month, Bitcoin is strong from an on-chain perspective. They shared a handful of metrics indicating that BTC is in a very similar spot now as the coin was prior to 2017’s exponential explosion.

Coin Metrics, a top blockchain analytics firm, recently shared a swath of metrics indicating that Bitcoin remains in a long-term bull trend despite any uncertainty in the near term:

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

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.

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