Glassnode Analyst Declared: "Rally in Bitcoin Will Continue Only If This Level is Surpassed, Otherwise It Will Be a Dream!"

The leading cryptocurrency Bitcoin (BTC) is experiencing a rise in recent days after severe dumps, while investors continue to act cautiously.

While the rise in BTC has not fully convinced investors, Glassnode analyst has revealed the critical level that needs to be surpassed for the rally to begin.

Glassnode analyst CryptoVizArt stated that BTC price needs to break the barrier of 90,000-93,000 dollars to reach new highs.

The analyst, stating that the majority of recent Bitcoin buyers have an average cost basis between 90,000 and 93,000 dollars, noted that the Bitcoin price could face selling pressure here.

The analyst stated that selling pressure could come from investors aiming to exit their positions without incurring losses, and argued that unless the range of 90,000 - 93,000 dollars is successfully surpassed, a new ATH will not occur.

"The cost basis of the latest investors who bought during the excitement from November 2024 to February 2025 is between 90,000 and 93,000 dollars.

There is a high probability of encountering selling pressure from those aiming to jump out of this area without incurring losses.

However, without reclaiming this supply zone, the new ATH continues to remain a dream.

The co-founder of the trading platform Material Indicators, Keith Alan, has also conducted a similar analysis to that of the Glassnode analyst. Alan stated that for Bitcoin to reach a new ATH, it needs to recover the annual opening level of $93,300 in 2025.

Finally, Glassnode stated in its weekly report that, according to on-chain data, the cost price of short-term investors is at the level of $93,500. According to Glassnode, it will not be possible to talk about a real bull momentum in Bitcoin as long as this level is not reclaimed.