Bitcoin has successfully surpassed the average cost basis for short-term holders, indicating a positive trend following a recent recovery. This achievement is often seen as a bullish sign by market observers and investors.
Bitcoin Exceeds Short-Term Holders Cost Basis
A recent study by Maarten, a market expert at CryptoQuant, highlighted the return to profitability for investors who have held Bitcoin for less than 155 days. This signals restored confidence among short-term holders.
The price of Bitcoin has risen back to the Short-Term Holders (STH) Realized Price, which typically leads to an increase in holdings by short-term holders, establishing a support level for the cryptocurrency.
Historically, Bitcoin has rebounded above the short-term holder’s realized price twice since 2023, resulting in at least a 30% gain each time. This resurgence could potentially lead to another significant surge in the digital asset’s value.
The recovery above the average cost basis comes amidst a decline in positive sentiment about Bitcoin, as reported by Santiment. Despite this, the possibility of Bitcoin reaching $100,000 has increased significantly.
Potential for $100,000 Per BTC
Data from Kalshi, a US-based legal exchange, shows that the likelihood of Bitcoin hitting $100,000 now stands at 22%. The platform also suggests an 8% chance of reaching $150,000 and a 57% possibility of hitting $80,000.
Kalshi’s predictions are directly linked to traders’ bets on Bitcoin’s future price movements. The exchange believes that as Bitcoin continues to rise, the odds could be compared to Donald Trump winning the upcoming GOP Presidential election in November.
