#Gate广场五月交易分享 Bitcoin short-term holding cost basis considers $92k as the next price target On-chain data shows that the upward trend in BTC price may not be over yet, but the resistance level at $84,000 could delay its recovery. Bitcoin (BTC) buyers are regaining activity, pushing the price to a multi-month high of $82,240. On-chain indicators, including the short-term holder (STH) cost basis, suggest that BTC price may rise further, with the next major target at $92,000. Key summary: Bitcoin holders are returning to profitability, increasing the likelihood of the price reaching $92,000. Bitcoin bulls must break through the $84,000 resistance level to continue the upward trend. The next target price for Bitcoin is $92,000. BTC/USD has risen 37%, trading above $82,000, after dropping to a multi-month low of $60,000 on February 6. This rally has pushed Bitcoin’s price above its short-term holder cost basis, currently at $79,000. The STH cost basis refers to the average purchase price of investors holding Bitcoin for less than 155 days. Historically, when prices rebound to this level, it often signals a prolonged recovery phase, as profit-taking investors tend to be less willing to sell and more inclined to increase their holdings. This shift can also attract new buyers and trigger short squeezes when short positions are closed. When the price recovers to its realized price in April 2025, it increases by 30% within four weeks, approaching the upper limit of this indicator at $112,000. Similar situations occurred in October 2024, October 2023, and January 2023, with BTC prices rising to the same on-chain levels, as shown in the chart below. If Bitcoin breaks above this line, it is very likely to reach $92,423 in the short term, about 13% higher than the current price. If the price “can find sustained support above this level,” it will confirm that the 50% drop from the $126,000 all-time high is just a “mid-cycle correction.” Meanwhile, Bitcoin’s STH Spend Output Profit Ratio (SOPR) has turned positive, indicating early signs of a market shift. “Markets tend to transition from accumulation phases to early bull markets.” Bitcoin’s price needs to break through $84,000 to gain support. The weekly close above the 20-week exponential moving average and the real market mean of $78,300 suggests a bullish outlook, leading traders to believe Bitcoin can continue rising from current levels. Whether Bitcoin’s rally can continue now depends on whether it can break through the supply zone between $82,000 and $84,000. Bitcoin is retesting the $80k low area, “which corresponds to the November lows, and the daily 200MA/EMA are slightly higher.” Note that the 200-day moving average and the 200-day simple moving average are $82,600 and $83,402, respectively. This is an “important threshold” for Bitcoin bulls, “if the price rises, it may rebound further above $90k; but if it falls, the price could hover around $80,000 for a while.” If it breaks through the $84,000 resistance level, the BTC/USD pair could rise to $92,000.

Crypto World News reports that Core Scientific announced the acquisition of the Bitcoin mining company Polaris DS LLC located in Oklahoma for $421 million. The transaction is expected to be completed in the third quarter of 2026, pending regulatory approval. Polaris has a signed power agreement of 440 MW through Oklahoma Gas & Electric. Its 40-acre campus is powered and operational, and it is adjacent to Core Scientific’s operations in Muskogee. Core Scientific stated that this deal will help it rapidly expand its AI business and support transforming and expanding its existing Bitcoin mining facilities into high-density hosting services for AI and compute-intensive workloads.

So looking back at what happened with the bitcoin halving 2024 date - that April event was pretty significant for the mining landscape. The halving went down on April 26, 2024 at block 840,000, cutting the block reward from 6.25 BTC to 3.125 BTC. Worth noting that this wasn't some surprise - Bitcoin's protocol has been designed to cut rewards in half every 210,000 blocks since the beginning. The whole bitcoin halving 2024 mechanics were straightforward in theory but brutal in practice for miners. When the block subsidy drops 50%, mining operations instantly see their revenue cut the same way. A lot of smaller miners had to make tough calls about whether their hardware could still be profitable, especially if they were running on tight margins. Some just shut down operations or pivoted to mining other coins. If you zoom out at the full history, we've seen this pattern play out before. There was the 2012 halving, then 2016, and the previous one in 2020 at block 630,000 on May 11. Each time it's the same story - reward drops from 50 to 25 to 12.5 to 6.25, and now we're at 3.125 per block. The bitcoin halving 2024 date just continued that predetermined schedule baked into the protocol. What's interesting is how the market tends to react around these events. The bitcoin halving 2024 date had been widely anticipated for months, and you could feel the energy in the community leading up to April 26. Some thought it would be a catalyst for price movement, others were more skeptical. Either way, it's one of those events that reminds you Bitcoin operates on its own schedule, not market sentiment. The mechanics are actually elegant when you think about it - the bitcoin halving 2024 event was just the latest cycle in a series that'll continue roughly every four years until the last Bitcoin is mined. The protocol doesn't care about market conditions or miner profitability. It just executes. That's kind of the whole point of the system.