The bitcoin rally could have a long way to go after last Sunday’s technical rise, according to Fairlead Strategies founder Katie Stockton.

Stockton said in a note to her clients on Monday that bitcoin confirmed its “breakout” from the technical level of $48,600, recording a “medium-term upside.” On Tuesday afternoon the cryptocurrency touched $57,000.

As Business Insider reports, bitcoin rose 3.2% on Monday, to $53,393, representing its highest level since November 2021. The cryptocurrency has risen 26% year-over-year.

Although short-term technical indicators suggest there could be a period of consolidation in the coming days, the uptrend may eventually continue towards the short-term and “final” resistance levels of $56,400 and $64,900 respectively, Stockton said.

“Bitcoin has positive long-term momentum according to our indicators which track its trends, and there are no signs of sell-offs due to over-investment in our monthly forecasts,” Stockton said in a recent analysis.

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A potential increase in bitcoin’s value to $64,900 would represent a potential 22% rise from current levels and would put the cryptocurrency just a few thousand dollars below its record high of around $69,000, which was reached in November 2021.

Recent catalysts affecting the bitcoin price include the launch of spot bitcoin ETFs in the US in January, which have already attracted billions of dollars worth of investment.