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Martin Hiesboeck, the lead researcher at the American exchange Uphold, argues that Bitcoin appears to be set for a surge close to the $70K level.
Bitcoin started the week on a strong note, nearly touching $65,000 after a quiet weekend. Despite facing resistance, the crypto briefly dipped over $2,000 before regaining momentum.
Over the past 12 hours, Bitcoin surged near $64,800, though it continues to struggle against the $65,000 resistance. Currently trading below $64,000, the market remains volatile as bulls attempt to push higher.
Further Upside Potential?
Amid this ongoing trend, industry leaders remain optimistic about Bitcoin’s future trajectory. Experts, including Martin Hiesboeck from Uphold, suggest that Bitcoin may soon break past its resistance levels.
Hiesboeck recently shared insights on the X platform, where he indicated that Bitcoin could target $68,000 next, representing a 6.67% increase from its current price of $63,751.
This positive outlook aligns with the broader market sentiment, as Bitcoin’s recent price movements parallel historical patterns seen during similar market conditions.
Looks like $BTC is ready to blow straight through to 68000 🤞
Happy trading!— Dr Martin Hiesboeck (@MHiesboeck) September 25, 2024
Whale Activity Sparks Speculation
Notable whale activity has also fueled speculation about Bitcoin’s next move. On-chain analytics from Lookonchain revealed substantial withdrawals from Binance, totaling 3,463 BTC valued at approximately $219 million. This activity highlights the growing accumulation by large holders, which often signals confidence in future price increases.
Furthermore, the Smart Money tracker disclosed that another new whale recently transferred 1,015 BTC, worth around $64.47 million, to a newly created wallet. This influx of significant transactions suggests continued accumulation, potentially setting the stage for a larger price rally.
Bitcoin’s Breakout Potential
Comparative market analysis also reveals that Bitcoin’s price behavior mirrors recent movements in other major assets such as Gold and the S&P 500 Index.
Both Gold and the S&P 500 experienced strong rallies following periods of consolidation, with Gold surging from $2,300 to $2,621 this month. Similarly, the S&P 500 broke out of its range to reach new highs.
These trends suggest that Bitcoin, currently fluctuating around $63,000, may follow a similar trajectory if it sustains its upward momentum.
Analysts, including Ali Martinez, believe that Bitcoin’s potential to break above the critical $70,000 level could reflect the bullish patterns seen in other asset classes.