Bitcoin (BTC) Price Could Fly Past $100,000 to a New All-Time High

The Bitcoin price has been in a red-hot form over the past two weeks, leading to talks of the premier cryptocurrency reclaiming the significant $100,000 mark

A new price analysis has revealed that the Bitcoin price could be en route to a new all-time high over the coming weeks so long as it stays above a critical support level.

According to popular crypto analyst Ali Martinez, the Short-Term Holder (STH) Cost Basis, which measures the average price at which recent investors—typically defined as wallets holding Bitcoin for less than 155 days—acquired their coins, is now around $93,145. This metric often offers insight into the sentiment of short-term investors and can act as a relevant psychological support or resistance level.

When the Bitcoin price is above the STH Cost Basis, it typically signals bullish momentum among short-term market participants. On the other hand, a sustained break beneath this metric might trigger increased selling pressure, as short-term holders are known for their speculative and reactive nature.

"If #BTC price manages to maintain itself above the crucial Short-Term Holder Cost Basis of $93,145, it could pave the path for a rally towards a new all-time high of $131,800," said Martinez in a recent X post.

"However, a breakdown below this support might lead to a deeper correction with the next major support at $71,150."

As of writing, the price of Bitcoin stands around $94,410, reflecting a 0.6% decrease in the past 24 hours. Data from CoinGecko shows that the premier cryptocurrency is up by more than 10% on the weekly timeframe.

As the Bitcoin price continues to move within a significant support zone, the latest on-chain data suggests that the crypto behemoth could be aiming for even bigger things.

According to a recent post by Martinez, the Bitcoin whales have been getting busy in the market, loading up their bags following the recent price rally. Whales are significant market participants due to their substantial holdings and also their often-informed trading decisions and positions.

According to data from Santiment, Bitcoin whales (holding between 1,000 – 10,000 coins) bought over 20,000 BTC in the last 48 hours. With this increased buying activity from large investors, the Bitcoin price might get the needed momentum to attempt a run at a new all-time high.