Key Points:
Bitcoin is trading above the short-term holder cost price of 114,000, indicating a recovery in demand and further upside potential.
Analysts believe Bitcoin is likely to continue its upward trend, with a target range above 150,000.
The price of Bitcoin (BTC) recovered to 115,000 on Monday, partially regaining losses from Friday's historic crash, during which centralized exchanges saw liquidation amounts exceeding 20 billion USD.
A 10%-15% drop has impacted Bitcoin's technical outlook, but traders believe its macro trend remains bullish, and 150,000 is still a target worth anticipating.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD has risen 8% from Friday's low of 107,500.
This round of rebound has pushed Bitcoin back above the short-term holder (STH) cost price, suggesting further potential for upward movement.
The STH cost price, or Realized Price, represents the average purchase price of investors holding for less than 155 days.
The STH cost price trendline often serves as support during Bitcoin bull market corrections. Regaining this line has boosted investor confidence, with the market believing BTC/USD may continue to rise.
Further data from Glassnode shows that the cost price for investors holding for one week to one month has risen above that of those holding for one to three months. This indicates increased demand and net capital inflow momentum, with traders actively buying during dips.
Although Bitcoin recently dipped below 110,000, traders believe the upward momentum is not over.
"The key is for Bitcoin to hold above the 20-week moving average support," currently at 113,300, said Michael van de Poppe, founder of MN Capital, in a post on X platform on Sunday.
Van de Poppe added that Friday's drop below this line "provided a huge opportunity for buyers," and regaining it means "we are still in an upward trend."
Mikybull crypto expressed a similar view, stating that Bitcoin "remains in a bullish range from a price structure perspective," and also noted:
Daan Crypto Trades mentioned that his "base forecast range for this cycle has always been 120,000-150,000."
Combining this with the Bitcoin Rainbow Chart, the analyst pointed out that the "light green/yellow range (140,000-200,000)" may be an ideal point to start gradually reducing positions after reaching these levels.
Crypto analyst Jelle stated that Bitcoin has experienced a "2017-style washout," but still maintains key levels, adding:
Cointelegraph reported that Bitcoin is re-testing the "Golden Cross." This bullish technical pattern previously led to increases of 2200% and 1190% in 2017 and 2020, respectively. If the breakout is confirmed, Bitcoin's price is expected to see parabolic growth in the coming weeks.
Related: Analysts say the 19 billion USD crypto market crash is a "controlled deleveraging," not a chain collapse.
Original article: “Bitcoin (BTC) Price Reclaims Key Level, Traders Say $150K Target Still in Play”
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