Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Could Run Up To $131,000 — But It Must Hold Above This Level

Share This Post

The Bitcoin price has been in a red-hot form over the past two weeks, leading to talks of the premier cryptocurrency reclaiming the significant $100,000 mark. Interestingly, the latest on-chain data suggests that the price of BTC could fly past this level and forge a new all-time high over the coming weeks.

What Will Happen If Bitcoin Price Falls Beneath $93,145?

In an April 26 post on X, popular crypto analyst Ali Martinez shared an exciting analysis and projection for the Bitcoin price over the next few weeks. According to the online pundit, the flagship cryptocurrency could be on its way to as high as $131,800 so long as it stays above a critical support level.

This projection is based on the Short-Term Holder (STH) Cost Basis, which measures the average price at which recent investors — typically defined as wallets holding Bitcoin for less than 155 days — acquired their coins. This metric often offers insight into the sentiment of short-term investors and can act as a relevant psychological support or resistance level.

When the Bitcoin price is above the STH Cost Basis, it typically signals bullish momentum among short-term market participants. On the other hand, a sustained break beneath this metric could trigger increased selling pressure, as short-term holders are known for their speculative and reactive nature.

Bitcoin price

According to data from Glassnode, the Short-Term Holder Cost Basis currently stands around $93,145, which represents a crucial support level for the Bitcoin price. Martinez noted that the premier cryptocurrency needs to hold above this support to make a run to a new all-time high price of $131,800.

However, Martinez warned that if the Bitcoin price fails to defend the $93,145 support cushion, this could open the door to a broader correction. In this case, the market leader may suffer a deep price pullback toward the next major support level around $71,150 — an almost 25% decline from the current price point.

As of this writing, the price of Bitcoin stands around $94,410, reflecting a 0.6% decline in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 10% on the weekly timeframe.

Could BTC Whales Provide The Needed Bullish Impetus?

In a separate post on X, Martinez revealed that the Bitcoin whales have been getting busy in the market, loading up their bags following the recent price rally. Whales are significant market participants due to their substantial holdings and also their often informed trading decisions and positions.

Data from Santiment shows that Bitcoin whales (holding between 1,000 – 10,000 coins) bought over 20,000 BTC in the last 48 hours. With this increased buying activity from large investors, the Bitcoin price might get the needed momentum to attempt a run at a new all-time high.

Bitcoin price

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

After 10 Years, Ross Ulbricht Speaks Out: ‘Bitcoin Doesn’t Work Without Freedom’

Ross Ulbricht delivered his first live public speech on May 29 since being granted a full presidential pardon by Donald Trump earlier this year Silk Road Creator Ross Ulbricht Delivers First Live

Ozark star Julia Garner to play Caroline Ellison in Obama Netflix miniseries on FTX collapse

Netflix has green-lit an eight-episode limited series titled The Altruists, a dramatization of the eight-billion-dollar collapse of crypto exchange FTX and the downfall of its co-founder, Sam

Solana Targets $200 as TRON Prepares to Flip December’s ATH; Could Unilabs’ AI Launchpad Reshape DeFi?

The post Solana Targets $200 as TRON Prepares to Flip December’s ATH; Could Unilabs’ AI Launchpad Reshape DeFi appeared first on Coinpedia Fintech News With Bitcoin (BTC) ranging between $105,000

Solana (SOL) Price Heading to the Crucial Range—Will it Drop to $150 or Rebound to $180?

The post Solana (SOL) Price Heading to the Crucial Range—Will it Drop to $150 or Rebound to $180 appeared first on Coinpedia Fintech News The crypto markets are consolidating ahead of the $5

Top Cryptocurrencies Poised for Explosive Growth in 2025: Ripple, Ethereum, and Unilabs

The post Top Cryptocurrencies Poised for Explosive Growth in 2025: Ripple, Ethereum, and Unilabs appeared first on Coinpedia Fintech News Per reports from crypto commentators, the Ripple price might

Analyst Predicts Big Drop For Bitcoin Price As Bearish Pressures Mount After $111,000 ATH

Bitcoin is showing signs of fatigue after reaching a new all-time high of $111,814 on May 22 Since then, Bitcoin has had multiple failed attempts to break above this level, which has led to an
You have not selected any currencies to display