Bitcoin (BTC) buyers resumed their activity during the early Asian trading hours on Wednesday, pushing the price to a new multi-month high of $82,240.
Onchain indicators, including the short-term holder (STH) cost basis, suggest that the BTC price can go higher, with the next big target at $92,000.
Key takeaways:
Bitcoin holders are back in profit, increasing the chances of reaching $92,000.BTC bulls must overcome resistance at $84,000 to continue the uptrend.
Bitcoin price eyes $92,000 next
Data from TradingView shows that BTC/USD had risen 37% to trade above $82,000 from its multi-month low of $60,000 reached on Feb. 6.
This rally has seen Bitcoin rise above the cost basis of its short-term holders, currently at $79,000, according to data from Glassnode.
STH cost basis refers to the average purchase price of investors who have held Bitcoin for less than 155 days.
Historically, reclaiming this level has coincided with extended recovery phases, as investors returning to profit are often less inclined to sell and more willing to add exposure. The shift can also attract fresh buyers and trigger short squeezes as bearish positioning unwinds.
Related: Bitcoin in ‘disbelief rally’ as traders spot $84K BTC price target
The chart below shows that when the price reclaimed its realized price in April 2025, it rallied 30% toward the upper band of this metric at $112,000 four weeks later.
Similar occurrences in October 2024, October 2023 and January 2023 also saw the BTC price rally toward the same onchain level, as shown in the chart below.
If BTC breaks above the line, there is a good chance of seeing $92,423 in the short term, about 13% above the current price.
Bitcoin STH cost basis. Source: Glassnode
“Bitcoin has crossed the coveted ‘short-term holder breakout,’” analyst Mitchell Askew said in a Wednesday post on X, adding:
“This typically signals the end of bear markets and consolidation periods.”
Bitcoin analyst Plan C said if the price “can find sustained support above this level,” it would confirm that the 50% drawdown from the $126,000 all-time high was just a “mid-cycle correction.”
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