Bitcoin News Today: Bitcoin Could Surge 15% to $136,000 as Demand Remains Strong

Bitcoin (BTC) has the potential to surge by approximately 15% from its current level, provided that demand for the leading cryptocurrency remains strong and the market continues its upward trajectory. This optimistic outlook is based on the analysis provided by Glassnode, a prominent analytics platform. According to Glassnode, the next significant resistance level for Bitcoin, as indicated by the short-term holder (STH) cost basis model, is situated below $140,000. The STH cost basis model is an on-chain metric that estimates the average price at which short-term Bitcoin holders acquired their coins, offering insights into potential entry and exit points.

Glassnode's analysis suggests that if the current momentum persists, the next key resistance level for Bitcoin could be around $136,000, which is currently trading at the +2 standard deviation band. However, the platform also cautions that while there is potential for further gains, Bitcoin could form a near-term top as short-term holders are currently sitting on substantial unrealized profits. This situation makes it increasingly likely that these holders will sell to secure their profits.

Bitcoin has recently broken through new all-time highs (ATHs) and surpassed two major accumulation zones, indicating a significant market move that is typically followed by strong positive momentum. Nevertheless, the percentage of short-term holder supply of Bitcoin in profit is currently at 95%, which is seven percentage points above the long-term mean of 88%. If this metric begins to stabilize or decline below the 88% level, it could signal weakening demand or the onset of distribution.

The current price of Bitcoin is $117,810. While the potential for further gains exists, investors should be mindful of the risks associated with high-risk investments in cryptocurrencies and digital assets. It is crucial for investors to conduct thorough due diligence before making any investment decisions.