Key Bitcoin Metric Suggest BTC Price Has Room for Further Expansion

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.” 

Meanwhile, Bitcoin’s STH spent output profit ratio (SOPR) has flipped positive, showing early signs of a shift in market behavior.

The metric is “back above 1, which usually means recent buyers are back in profit and selling pressure is easing,” analyst BitBull said in a Wednesday post on X, adding:

“This is where markets often move from accumulation into early bullish phases.”

Bitcoin STH SOPR. Source: BitBull

As Cointelegraph reported, several technical indicators suggest that Bitcoin’s bottom is in, with analysts setting targets as high as $250,000 within a year. 

Bitcoin’s price needs to flip $84,000 into support

Bitcoin’s bullish weekly close above the 20-week exponential moving average and true market mean at $78,300 has convinced traders it can move higher from current levels.

Analysts say the continuation of Bitcoin’s rally now hinges on breaking above the $82,000-$84,000 supply zone. 

Bitcoin is retesting the low $80,000s region, which “corresponds with the November lows and the Daily 200MA/EMA coming in a bit higher,” trader and analyst Daan Crypto Trades said in his latest Bitcoin analysis on X.

Note that the 200-day EMA and the 200-day simple moving average are at $82,600 and $83,402, respectively.

This is a “big level” for Bitcoin bulls, the analyst said, adding:

“Acceptance higher can lead to a further bounce back into the $90Ks, but a rejection will likely keep this rangebound with $80K as the ceiling for a while.”

BTC/USD daily chart. Source: X/Daan Crypto Trades

MN Capital founder Michael van de Poppe shared a chart showing $84,000-$86,000 as the “next resistance zone,” which, if broken, could potentially see Bitcoin “continue to the 50-Week MA around $90K.”

Meanwhile, Bitcoin’s whale order book showed “big ask orders concentrated” between $82,000-$84,000, making it a crucial level for the bulls to overcome.

Bitcoin whale order book. Source: CoinGlass

As Cointelegraph reported, the BTC/USD pair may rise as high as $92,000 if resistance at $84,000 is broken.

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.