Analysis: Bitcoin needs to break above the $84,000 resistance level to continue its upward trend, with the next target price being $92,000

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% above current prices. Analyst Mitchell Askew noted: “BTC has broken above the closely watched STH breakout level, which typically signals the end of a bear market or consolidation period.” Bitcoin analyst Plan B added that if BTC “can find sustained support above this level,” it would confirm the 50% retracement from the $126k all-time high is just a “mid-cycle pullback.” That said, the rebound’s continuation hinges on BTC clearing the $82k-$84k supply zone. MN Capital founder Michael van de Poppe flagged $84k-$86k as the “next resistance area”—a break here could send BTC toward the 50-week moving average near $90k. Meanwhile, BTC’s whale order book shows clustered large sell orders between $82k and $84k, making this zone a key hurdle for bulls to clear.