Bitcoin Could Reach $136,000 on Strong Demand, Says Glassnode

The Glassnode analytical platform announced that if demand remains strong and the market continues its bullish trend, Bitcoin's price could increase by approximately 15% from its current level, reaching $136,000. This forecast is based on the Short-Term Holders' Cost Basis model, which is an on-chain indicator estimating the average purchase price of short-term investors and helps identify potential entry and exit points. The report highlights the next key resistance level for Bitcoin around the $136,000 mark. The Short-Term Holders' Cost Basis model serves as a valuable on-chain metric, providing insights into investor behavior and potential market turning points. This prediction underscores the importance of sustained demand and bullish momentum in driving Bitcoin towards new highs. The identified resistance at $136,000 could act as a pivotal point for market participants, either leading to a breakout or a retracement. Investors should monitor on-chain indicators and market sentiment closely to gauge the likelihood of this upward movement materializing.