The leading cryptocurrency, Bitcoin (BTC), had a great start to the new week and continues this trend. Today, BTC rose above $82,000 following news that the US-Iran war might end.
This situation has led to discussions of higher figures for BTC, with Glassnode pointing to $92,000 for the Bitcoin price. Bitcoin could target $92,000 as a key on-chain benchmark gives a bullish signal.
Glassnode’s latest analysis states that the recent surge has pushed BTC above its STH cost basis, which is currently $79,000.
According to analysts who point out that this STH cost basis is very important for BTC, historically, breaking above this level has initiated a prolonged recovery phase.
Breaking above the STH cost basis could attract new buyers, prompt existing investors to make additional purchases, act as a catalyst for a macro uptrend, and also force short investors to close their positions. All of these factors would trigger an upward movement.
Finally, analysts noted that similar patterns have been seen before, citing January 2023, October 2023, October 2024, and April 2025. According to the data, analysts stated that BTC rose by 30% in four weeks after the STH cost basis was broken.
Apart from Glassnode, analyst Mitchell Askew also noted: “BTC has broken above the closely watched STH breakout level. This usually signals the end of a bear market or consolidation period.”
MN Capital founder Michael van de Poppe also identified $84,000-$86,000 as the next resistance area for Bitcoin. A breakout here could send BTC towards the 50-week moving average around $90,000.
*This is not investment advice.
