Why Bitcoin Could Rally to $24,000 Before Seeing Its First Major Retrace

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Bitcoin has been flashing some signs of strength today as its buyers attempt to flip $16,000 into a support level Although it has yet to reject at this level, it has also been unable to secure a firm foothold above it One on-chain analyst is now noting that he expects Bitcoin’s ongoing rally to extend significantly further before buyers are met with any significant resistance He is specifically watching for a move to $24,000, noting that this could be where bulls finally lose their footing and BTC sees a sharp retrace Bitcoin is currently in the process of breaking above its $16,000 resistance level, which is proving to be somewhat difficult as buyers and sellers continue battling for control of this key level. If broken above, BTC could be positioned to see significantly further gains in the days and weeks ahead. One trader is now noting that many on-chain indicators…

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