[Analysis] “Bitcoin could rise to $113,000 if it regains $98,000”

Amid a recent rebound in Bitcoin (BTC), a new analysis says there is room for further gains up to $113,000.

As of 7:30 p.m. KST on the 16th, Bitcoin was trading at $95,340 on CoinMarketCap, down 1.46% from the previous day. Bitcoin climbed as high as $97,000 intraday on the 14th, but selling pressure emerged on the day, giving back part of the week’s gains.

The market is increasingly viewing the $98,000 level as a key near-term inflection point that could determine direction. Glassnode said “$98,000 is the average cost basis for short-term holders (STH),” adding that “if the short-term holders’ cost basis is reclaimed, recently arrived investors would move back into profit territory. This has served as a prerequisite for renewed acceleration in price momentum.”

In the near term, technical analysis also points to the possibility of a move up to $113,000. Analyst Matthew Hyland said “Bitcoin is forming an ascending triangle pattern,” adding that “if it breaks above a key resistance zone, it could open the way to an upside target around $113,000.”