What Will Happen If Bitcoin Surpasses $65,000?

The recent price movements suggest that the leading crypto, Bitcoin, might be on the brink of a new surge. According to a report from 10x Research, breaking through a key resistance level could signal the end of the current bearish trend, as Bitcoin and certain altcoins are already showing signs of recovery.

A key resistance broken, a signal of trend reversal

Recent months have been marked by a notable correction in the price of Bitcoin, with a succession of lower highs since March. However, experts from 10x Research believe that this bearish trend could come to an end if Bitcoin manages to break through the key level of $65,000. This resistance level is seen as a pivot point for the cryptocurrency, the crossing of which could pave the way for a rise to $70,000 or beyond in a recovery context.

This forecast is supported by medium-term technical indicators that show encouraging signs despite an overbought period in September. Indeed, after this brief rise, Bitcoin entered the overbought zone, but data now shows signs of stabilization. Breaking through the $65,000 level could thus signal a return to the upside, boosting investor confidence in risky assets.

Altcoins in Bitcoin’s wake

Alongside Bitcoin, the altcoin market could also see a strong resurgence of activity if the bullish trend is confirmed. According to 10x Research, highly volatile altcoins, especially those with smaller capitalizations, seem well-positioned to benefit from this dynamic. Cryptos like TAO, ENA, SEI, and APT are particularly catching investors’ attention for their growth prospects in an environment marked by renewed interest in decentralized finance (DeFi).

As for Ethereum, although its fundamentals remain less solid, technical signals indicate a possible recovery. However, analysts remain cautious about the possibility of Ethereum reaching its previous all-time highs again. A significant rise is conceivable, but it could be limited compared to earlier peaks. This does not, however, take away from the opportunities this recovery could offer, not only for Ethereum but also for the broader altcoin market.

Historically, Bitcoin achieving a higher high or a trend reversal has often sparked altcoin performance. With most altcoins down 70-80% from their March peaks, most people either sidelined or shifted towards BTC and majors. Altcoins are generally under-owned, making them much easier to go up than the majors.

BitMart Private Client Spokesperson

Breaking through the $65,000 level could well be the awaited catalyst to reignite Bitcoin’s bullish trend, pulling along the entire altcoin market. If this dynamic is confirmed, the coming months could see significant increases in the crypto sector, particularly for smaller-cap assets.