Bitcoin could target $92K as key on-chain metric turns bullish

An analysis suggests that Bitcoin's rally could continue based on on-chain indicators, with $92,000 as the next major price target. Cointelegraph reported, citing data from Glassnode, that the price of Bitcoin has surpassed $79,000, the average purchase price for short-term holders (STHs)—wallets that have held for less than 155 days. Historically, this development has led to long-term market recoveries. The outlet noted that this could attract new buyers and trigger short position liquidations, potentially leading to a further squeeze-driven rally. Similar patterns were observed in January 2023, October 2023, October 2024, and April 2025. This signals an end to bear and sideways markets, and a break above resistance near $84,000 could pave the way for a rise to $92,000, according to the analysis.