Analyst: Bitcoin Key Upside Target Price Around $93,000

On May 6th, on-chain analyst Ai Auntie (@ai_9684xtpa) reported that address 0xebe...14070 has accumulated a $55.36 million long position in crude oil (CL and BRENTOIL), with entry prices of $107.1 and $112.4 respectively. Today, the address partially closed out a portion of the position, realizing a $586,000 loss. The remaining open position still carries an unrealized loss of nearly $10 million. Separately, $93,000 in funding fees were paid on the position today.

May 6: Bitcoin (BTC) still has room to climb, with on-chain metrics tied to short-term holder (STH) cost basis pointing to a next key target of $92,000, per recent data. The rebound has pushed BTC above its STH cost basis—Glassnode figures put this level at $79k currently. The STH cost basis tracks the average purchase price for investors holding BTC for less than 155 days. Historically, breaking above this level has kicked off an extended recovery phase: it prompts holders to hold or add to positions to maximize gains, acts as a catalyst for a macro uptrend, draws in new buyers, and forces short sellers to cover (with shorts still skeptical). Chart data shows BTC rallied 30% over four weeks after reclaiming its realized price in April 2025, heading toward the upper bound of that metric at $112k. Similar patterns in October 2024, October 2023, and January 2023 also sent BTC to that same on-chain level. A break above this line could trigger a short-term rally to ~$92,423—about 13%

On May 6, U.S. President Donald Trump stated: "If Iran agrees to the deal, the 'Epic Fury' operation will end; at that point, through highly effective measures, the Strait of Hormuz will be fully open to all parties—including Iran." (FXStreet)

On-chain analyst Ai Whale (@ai_9684xtpa) reported on May 6 that the crypto whale behind the handle "Setting 10 Big Goals First" (@Jason60704294) opened a new short position yesterday afternoon: 501.65 BTC, entering at $80,837.9 per BTC for a total value of $40.55 million. The whale has already closed this position, with an estimated loss of $610,000 on the trade. Additionally, the crypto community is speculating that a 2,355.56 BTC short position on Binance—executed at roughly $80,835 per BTC (valued at $190 million)—belongs to the same whale. If confirmed, the loss on that position would total $2.867 million.

On May 6, investment firm Benchmark cut its strategic target price from $705 to $570.

FXStreet: On May 6, the Director of the White House National Economic Council, Hassett, said: “We’re exploring a potential executive order on AI and business. The order will lay out a clear roadmap for artificial intelligence. The Mythos model has revealed vulnerabilities we previously overlooked.”