Bitcoin Surges Above Key Levels as Cost-Basis Model Predicts $185K-$215K Scenario
Bitcoin has reclaimed key levels and is trading above $83,000 after surpassing several major market thresholds. This includes moving back above its 21-week moving average at $69,272 and exceeding its March 2024 high of $73,084.
The asset's price action has been volatile, with a recent dip from near $87,000 last week. Despite being down over 4% in the past seven days, Bitcoin remains nearly 10% higher over two weeks and more than 7% above its level 30 days earlier.
Its third-quarter gain reached 42.22%, marking its strongest quarterly performance since the fourth quarter of 2021 and its best third-quarter result since 2017.
The market framework used by analysts identifies late July as a possible cycle low, when Bitcoin held above $62,900. This framework also estimates that the typical holder's cost sits at around $76,897, with most holders currently back in profit.