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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. Interestingly, the latest on-chain data suggests that the price of BTC could fly past this level and forge a new all-time high over the coming weeks.
What Will Happen If Bitcoin Price Falls Beneath $93,145?
In an April 26 post on X, popular crypto analyst Ali Martinez shared an exciting analysis and projection for the Bitcoin price over the next few weeks. According to the online pundit, the flagship cryptocurrency could be on its way to as high as $131,800 so long as it stays above a critical support level.
This projection is based on 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. 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 could trigger increased selling pressure, as short-term holders are known for their speculative and reactive nature.
According to data from Glassnode, the Short-Term Holder Cost Basis currently stands around $93,145, which represents a crucial support level for the Bitcoin price. Martinez noted that the premier cryptocurrency needs to hold above this support to make a run to a new all-time high price of $131,800.
However, Martinez warned that if the Bitcoin price fails to defend the $93,145 support cushion, this could open the door to a broader correction. In this case, the market leader may suffer a deep price pullback toward the next major support level around $71,150 — an almost 25% decline from the current price point.
As of this writing, the price of Bitcoin stands around $94,410, reflecting a 0.6% decline in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 10% on the weekly timeframe.
Could BTC Whales Provide The Needed Bullish Impetus?
In a separate post on X, Martinez revealed that 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.
Data from Santiment shows that 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.
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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