Bitcoin analysts see ‘further upside,’ and identify next price levels to watch

Traders say Bitcoin has room to rally higher, but the upside could be capped at BTC’s active supply cost basis near $78,000.

Market analysts said Bitcoin’s (BTC) latest rally to $76,000 was a “clear momentum shift,” confirming a short-term uptrend for BTC price. 

Bitcoin’s short-term holder (STH) supply in profit, a measure of the share of recently acquired coins currently held at an unrealized gain, suggests that BTC/USD has not exhausted its bear market rally, data from Glassnode shows.

Local tops in bear market rallies have historically formed when this metric approaches its statistical mean of 54.2%, a threshold where the concentration of profitable STHs becomes sufficient to trigger meaningful distribution.

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