Bitcoin Price To Rally Past $14,000 Again? 3 Reasons Why Bullish Trend Is Expected

Despite Bitcoin pulling back from $14,000, analysts suggest a rally could put the benchmark cryptocurrency above the level soon as key technical and fundamental indicators signal a bullish trend.

Bitcoin closed Monday at $13,563. It has been out of the $14,000 level for two days. So far, the key support levels at $13,000 and $13,200 has remained intact. Bitcoin has now been above $13,000 for 10 straight days.

While the daily price chart suggests a pullback, the long-term charts, like the weekly and monthly charts, show Bitcoin has clearly broken out from its previous levels. In the weekly chart, it has breached past $12,000, a key resistance since 2018. While in the monthly chart, it appears it has failed to break past $14,000, a key resistance, Bitcoin is still above key moving averages, which suggests that the momentum is still intact, Cointelegraph reported.

Google Trends activity

When the bull run peaked in 2017, Bitcoin's Google Trends activity was also at its peak. Despite the increasing price and tremendous price rally from March's low of $3,600 to $14,000 on Oct. 31, the search interest for Bitcoin remains low now, suggesting that retail investors are still not showing interest in the benchmark cryptocurrency, the Cointelegraph said.

Additionally, data from The Tie showed that Bitcoin's monthly tweet volume has only risen 15.9% in October, suggesting that the current cycle is still in the early bull run phase.

Hash rate

Hash rate effectively measures the security of the Bitcoin network. Essentially, the higher the hash rate, the more secure the network is. It means more miners are there competing to mine Bitcoins. According to Blockchain.com, the 30-day average hash rate of Bitcoin has remained high at 132 million terahashes per second.

HODLing activity

The HODL Wave chart, which shows the number of long-time Bitcoin holders, suggests there are more holders right now than at any time in the past. It has appeared that since Bitcoin crashed to $3,600 in March, the number of users accumulating more Bitcoin has increased.