Bitcoin Price Reclaimed $97K, as New Metrics Show BTC Upside Potential

Key Points

• Earlier, Bitcoin recovered above $97,000, following yesterday’s dip to $95,000 levels.
• Yesterday, BTC’s price dropped following the latest US PPI data.

Today, Bitcoin’s price recovered above $97,000, following a drop to $95,000 on February 13 amidst the release of the latest PPI report in the US. Also, new data regarding BTC Short-Term Holders (STHs) suggests that Bitcoin can still grow.

Bitcoin Trades Near $97,000

At the moment of writing this article, BTC is trading near $97,000, following yesterday’s drop below $96,000.

BTC price in USD today

Yesterday, BTC dropped to around $95,300, as the latest PPI data in the US was revealed. The US annual PPI inflation rose to 3.5% in January, showing a higher number compared to expectations at 3.2%.

This came after BTC recorded a downward trajectory on January 12 as well, following the latest CPI report in the US which came in hotter than expected as well.

Today, following the latest Bitcoin options expiry , the digital asset’s price recovered above $97,000 ahead of a potential upcoming peak.

STHs Accumulated Over 4 Million BTC

According to the latest reports, BTC STHs accumulated over 4 million BTC, currently worth $388 billion.

Glassnode data shows that since September, STHs accumulated 1.5 million BTC, while LTHs have distributed 1.2 million BTC in the same time frame.

BTC: Short vs Long Term Holder – Galssnode data

STHs’ BTC accumulation since September equates to an approximate average accumulation of 300,000 BTC/month. During this time, BTC surged from $53,000 levels, topping $108,000 in January.

According to Glassnode, STHs are entities holding BTC for less than 155 days, and LTHs are entities that hold BTC for over 155 days.

Historically, in previous bull markets, BTC’s price tens to peak when STHs exhaust their buying momentum. The same pattern played out in 2013, 2017 and 2021.

It’s also worth noting that STHs held more BTC during these previous cycles:

• 5 million BTC in 2013
• 6.2 million BTC in 2017
• 4.6 million BTC in 2021

The current 4 million BTC holdings by STHs highlight that there’s still room for growth in their holdings and BTC’s price hasn’t peaked yet.

Also, the fact that LTHs distributed 1.2 million BTC since September, shows high profit-taking following recent price rallies.

On the other hand, as institutional adoption increases with various SBRs on the horizon in the US and abroad Bitcoin-related price predictions remain optimistic.