Bitcoin (BTC) buying activity picked up during early Asian trading hours on Wednesday, pushing the price to a fresh multi-month high of $82,240.
On-chain indicators, including the short-term holder (STH) cost basis, suggest further upside potential, with the next major price target seen around $92,000.
Key takeaways:
- Bitcoin holders have returned to profit, boosting the likelihood of a move toward $92,000.
- However, bulls need to break through the $84,000 resistance level to sustain the upward momentum.
Bitcoin price targets $92,000 next
Data from TradingView shows BTC/USD has climbed 37% to trade above $82,000, rebounding from its multi-month low of $60,000 on Feb. 6.
This rally has pushed Bitcoin above the short-term holder (STH) cost basis, now around $79,000, according to Glassnode. The STH cost basis represents the average purchase price of investors who have held Bitcoin for less than 155 days.
Historically, reclaiming this level signals the start of a broader recovery phase. As holders return to profit, they are more likely to hold or accumulate, reinforcing upward momentum. This dynamic often acts as a trigger for macro uptrends, drawing in fresh demand, squeezing short positions, and leaving bearish traders in disbelief.
Past patterns support this outlook. When Bitcoin reclaimed its realized price in April 2025, it surged 30% within four weeks, reaching the upper band of this metric near $112,000. Similar moves in October 2024, October 2023, and January 2023 also saw BTC rally toward the same on-chain level.
If Bitcoin decisively breaks above this threshold, the next short-term target sits around $92,423—roughly 13% above current levels.
“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 that if the price “can find sustained support above this level,” it would confirm the 50% drop from the $126,000 all-time high was merely a “mid-cycle correction.”
Meanwhile, Bitcoin’s short-term holder (STH) spent output profit ratio (SOPR) has turned positive, signaling an early shift in market behavior.
The metric is “back above 1, which typically indicates recent buyers are 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.”
As reported, several technical indicators point to Bitcoin having already bottomed, with some analysts projecting targets as high as $250,000 within the next year.
Bitcoin must flip $84,000 into support
Bitcoin’s bullish weekly close above the 20-week exponential moving average and the true market mean at $78,300 has strengthened confidence in further upside from current levels.
However, analysts note that the continuation of the rally depends on breaking through the $82,000–$84,000 supply zone.
Bitcoin is now retesting the low $80,000 region, which “aligns with the November lows and the daily 200 MA/EMA sitting slightly higher,” trader and analyst Daan Crypto Trades said in a recent analysis on X.
The 200-day exponential moving average and the 200-day simple moving average are currently positioned at $82,600 and $83,402, respectively.
This marks a “key level” for Bitcoin bulls, the analyst added:
“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.”
Michael van de Poppe shared a chart indicating $84,000–$86,000 as the “next resistance zone,” noting that a breakout above this range could allow Bitcoin to “continue toward the 50-week moving average around $90,000.”
Meanwhile, Bitcoin’s whale order book highlights “significant ask orders clustered” between $82,000 and $84,000, underscoring this range as a key hurdle for bulls to clear.
As reported, the BTC/USD pair could climb toward $92,000 if it successfully breaks above the $84,000 resistance level.
