Bitcoin ready to break $68,000, says Uphold research director

Martin Hiesboeck, chief researcher at U.S. exchange Uphold, said Bitcoin appears poised for a major rally toward $70,000.

Bitcoin had a strong start to the week, almost touching $65,000 after a quiet weekend. Despite facing resistance, the cryptocurrency has regained momentum after temporarily falling below $2,000.

In the past 12 hours, Bitcoin has approached $64,800, although it continues to struggle to overcome resistance at $65,000. Currently trading below $64,000, the market remains volatile with the bulls attempting to push the price higher.

More upside potential?

Amid this ongoing trend, industry leaders remain optimistic about Bitcoin’s future trajectory. Experts including Uphold’s Martin Hiesboeck say Bitcoin could soon break through resistance levels.

Hiesboeck recently shared some insights on the X platform, where he said that Bitcoin’s next target could be $68,000, which would represent an increase of 6.67% from the current price of $63,751.

This positive outlook is in line with overall market sentiment, as Bitcoin’s recent price action resembles historical patterns observed during similar market conditions.

Whale activity sparks speculation

Notable whale activity has also fueled speculation about Bitcoin’s next move. On-chain analysis by Lookonchain shows massive withdrawals from Binance totaling 3,463 BTC, worth approximately $219 million. The activity highlights an increase in large holders, which typically signals confidence in future price increases.

Additionally, the Smart Money tracker revealed that another new whale recently moved 1,015 BTC (worth approximately $64.47 million) to a newly created wallet. An increase in these large transactions indicates continued accumulation that could pave the way for a larger price rebound.

Bitcoin’s breakout potential

Comparative market analysis also shows that Bitcoin’s price behavior is similar to the recent movements of major assets such as gold and the S&P 500.

Both gold and the S&P 500 have seen strong rebounds after a period of consolidation, with gold rising from $2,300 to $2,621 this month. Likewise, the S&P 500 broke out of its range and reached new highs.

These trends suggest that Bitcoin, currently fluctuating around $63,000, could follow a similar trajectory if it can maintain its upward momentum.

Analysts, including Ali Martinez, believe that Bitcoin’s breakout above the key $70,000 level could be a reflection of bullish patterns emerging in other asset classes.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers should conduct in-depth research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.