Bitcoin’s STH Cost Basis Signals Potential Surge to $117K
Recent onchain and technical indicators for Bitcoin highlight a promising upward trend. The short-term holder (STH) cost basis and market value realized value (MVRV) data suggest a possible rise to $117,000. Analysts identify the $109,000-$110,000 range as a critical breakout point that could propel BTC to new all-time highs.
Understanding Bitcoin’s STH Cost Basis
The STH cost basis represents the average purchase price of Bitcoin held for less than 155 days. Glassnode, a leading onchain analytics platform, identifies $117,113 as the upper boundary of this metric – a key level for short-term price movements.
How MVRV Informs Bitcoin’s Price Potential
The MVRV metric helps determine whether Bitcoin is overvalued. Current data indicates room for growth before reaching the upper MVRV band near $123,000, suggesting BTC isn’t yet in overbought territory.
Critical Price Levels to Watch
- $109,000: Potential breakout confirmation level
- $110,000: Threshold that could trigger a rally toward $130,000
- $117,113: Upper STH cost basis target
Expert Perspectives on Bitcoin’s Trajectory
Rekt Capital emphasizes the importance of the $109,000 level, while Jelle anticipates a bullish move to $130,000 if Bitcoin surpasses $110,000. These projections are based on technical analysis of Bitcoin’s historical price patterns.
Final Considerations
While indicators suggest bullish potential, Bitcoin’s inherent volatility warrants cautious optimism. Market participants should conduct thorough research and consider multiple viewpoints when evaluating Bitcoin’s market movements.
