"The recent technical surge of Bitcoin could mark the beginning of a substantial upward journey," stated Katie Stockton, founder of Fairlead Strategies. Notably, the leading cryptocurrency saw a further increase of nearly 4.5%, nearing the $57,000 mark.

Moreover, as Stockton mentioned in a note to clients on Monday, Bitcoin has confirmed its 'breakout' from the technical level of $48,600, recording a 'mid-term upward trend'. By Monday, the cryptocurrency had experienced a 26% increase on an annual basis, reaching $53,393, which was the highest level since the record high of November 2021.

According to Business Insider, while short-term technical indicators suggest a potential stabilization period in the coming days, the upward trend could ultimately continue towards the short-term and 'eventual' resistance levels of $56,400 and $64,900 respectively, as Stockton stated. "Bitcoin shows positive long-term momentum according to our indicators tracking its trends, with no signs of a sell-off due to overinvestment in our monthly forecasts," Stockton added in her recent analysis.

A potential rise in Bitcoin's value to $64,900 would represent a 22% increase from its current levels and place the cryptocurrency just a few thousand dollars below its all-time high of approximately $69,000, achieved in November 2021. Recent catalysts influencing Bitcoin's price include the launch of spot Bitcoin ETFs in the USA in January, which have already attracted billion-dollar investments.

Regarding its future development, investors of the popular cryptocurrency are focusing on the upcoming halving event scheduled for April. This halving will reduce the reward for Bitcoin mining by half, further limiting the supply of new tokens. It's noteworthy that the previous halvings in 2020, 2016, and 2012 were followed by significant rallies in Bitcoin's value.

An investor who remains optimistic about the further increase in the cryptocurrency's price is Michael Saylor, chairman of MicroStrategy. Saylor announced on X on Monday that MicroStrategy purchased an additional 3,000 bitcoins for about $155 million, adding that the company now holds 193,000 bitcoins acquired at an average price of $31,544. This investment now has a total value exceeding $10 billion, with about $4 billion in unrealized gains.