Multiple data points suggest Bitcoin's 2017-style bull run has begun

Last week, Bitcoin saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12.

The surge marked the best performing week for the price of Bitcoin since July and data show a noticeable shift in market sentiment around the digital asset.

According to data from TheTie, an alternative data provider for digital assets, the daily sentiment score for Bitcoin has reached 62.4.

The negative news was followed by bullish stories like Square allocating 1% of its assets to Bitcoin.

Generally, bullish signs continue to pile up for Bitcoin and as the digital asset rallied to $11,500, the total market capitalization of the entire sector increased by 6% from $339 billion to $359. Furthermore, a recent report surveying over 30 panelists, including eToro's cryptocurrency commentator David Derhy, Alpha5 CEO, Vishal Shah, and LMAX Group currency strategist, Joel Kruger, found that Bitcoin is set to hit $14,283 by the end of 2020, according to the panelist average.

Numerous on-chain metrics also match the positive sentiment around Bitcoin.

According to cryptocurrency analyst, Willy Woo, this signals an increase in "Investor activity", one that has yet to be accounted for in the price of Bitcoin.

The growth of DeFi protocols has brought renewed attention to Bitcoin and to date more than $1.1 billion worth of BTC has been tokenized on the Ethereum blockchain through Wrapped BTC alone.

Significant hurdles lay ahead. While many factors point towards an eventful end of the year for Bitcoin, it's worth noting that significant hurdles are ahead. Historical data shows Bitcoin has sold off at the $12,000 level at least three times this year as miners and whales take profit.

Such an event is likely to provide the fuel Bitcoin needs to push through the $12K level and achieve a new 2020 high.