Bitcoin Achieved a New Milestone This Week by Reaching a New All-Time High

Bitcoin reached a new all-time high this week. The cryptocurrency's latest upsurge boosted its renewed bullish sentiment and has opened a new frontier

Bitcoin has achieved a new milestone this week by reaching a new all-time high. The cryptocurrency’s latest upsurge boosted its renewed bullish sentiment and has opened a new frontier that could push the crypto’s price towards much higher prices.

Onchain data analysis provider, Cryptoquant, has observed that Bitcoin is currently rallying after reclaiming the Short-Term Holder Average Cost basis. According to Cryptoquant, the cryptocurrency’s current level is crucial and represents a significant buy-the-dip indicator during bull markets.

Short-Term Holder Realized Price As An Inflection Point

image: Cryptoquant

Cryptoquant: Bitcoin Reclaiming STH Cost Basis A Key “Buy-The-Dip” Signal

“Buy the dip” signals during extended bull runs occur when a digital asset embarks on a protracted rally with massive momentum. During such periods, investors typically capitalize on pullbacks to re-enter the market and maximize profit-making opportunities.

Observing this indicator during bull markets is considered decisive for buy-the-dip signals. Pointing out this occurrence amid Bitcoin’s heightened bullish sentiment further reinforces the cryptocurrency’s bullish appeal and boosts investors’ confidence.

Bitcoin Surged To New ATH; Analysts See New Bull Phase, $109K As Support

Bitcoin surged to touch $112,000 for the first time on Thursday, May 22, breaking through the previous resistance and setting a new all-time high. Despite the remarkable gains in recent weeks, pushing Bitcoin to its current level, most analysts believe that the cryptocurrency has just entered a new phase with great anticipation.

With a bull run in sight, many analysts consider Bitcoin’s previous all-time high of $109,356 to be the new base and the latest support. They anticipate a substantial surge in the cryptocurrency’s price in the coming months, fulfilling the expectations of many users since the last Bitcoin Halving.

An emerging "buy the dip" signal significantly strengthens the analysts' stance and boosts Bitcoin traders' confidence ahead of the new season.