Bitcoin's 10% Weekly Gain Sparks $131,800 Target
1min read Bitcoin has been on a remarkable run over the past two weeks, sparking discussions about its potential to reclaim the $100,000 mark. Recent on-chain data suggests that the price of Bitcoin could surpass this level and set a new all-time high in the coming weeks.
According to a post by crypto analyst Ali Martinez, Bitcoin could reach as high as $131,800 if it maintains 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 acquired their coins. This metric is crucial as it reflects the sentiment of short-term investors and can act as a psychological support or resistance level.
When the Bitcoin price is above the STH Cost Basis, it indicates bullish momentum among short-term market participants. Conversely, a sustained break below this level could trigger increased selling pressure, as short-term holders are known for their speculative and reactive nature. Currently, the STH Cost Basis stands around $93,145, which is a crucial support level for Bitcoin. Martinez noted that Bitcoin needs to hold above this support to reach a new all-time high of $131,800. However, if Bitcoin fails to defend the $93,145 support, it could lead to a broader correction, with the next major support level around $71,150, representing an almost 25% decline from the current price point.
As of the latest data, the price of Bitcoin stands around $94,410, reflecting a 0.6% decline in the past 24 hours. Despite this, Bitcoin is up by more than 10% on the weekly timeframe, indicating a strong overall performance.
In addition to the on-chain data, Bitcoin whales have been actively accumulating coins following the recent price rally. Whales, defined as those holding between 1,000 and 10,000 coins, have bought over 20,000 BTC in the last 48 hours. This increased buying activity from large investors could provide the necessary momentum for Bitcoin to attempt a run at a new all-time high.
