Crypto analytics firm Glassnode has reported that Bitcoin (BTC) is showing signs of moving into a new price range, as several on-chain metrics indicate a "volatility spring" has coiled. Glassnode suggests that BTC is ready to break out of its current equilibrium, following a period of consolidation within a narrow range for almost two and a half months. The firm believes that Bitcoin is entering a new phase of high volatility, with a potential short-term upside target of around $33,500, where many investors who bought in 2021 and 2022 will break even.

Glassnode has analysed the cost basis of long-term holders and identified four stages of the bull market cycle: capitulation, transition, equilibrium, and euphoria. Bitcoin is currently in the "Transition" phase, where it trades slightly above long-term holders' cost basis.