Bitcoin must climb 92% to rescue last year’s $120K buyers and the escape routes begin at $72K

A $1,000 Bitcoin purchase made when Bitcoin crossed $120,000 this time last year is now worth $520. That leaves investors with a 47.98% loss and requires a 92.2% rebound to be made whole before fees.

CryptoSlate's Bitcoin market data shows a price of $64,073 as of press time.

The July 2025milestone marked its first move above $120,000, reaching a record $123,165. A later all-time high of $126,198 followed on Oct. 6, 2025.

The first pressure points sit well below either record. A rebound toward the anniversary entry would cross two on-chain cost bases, at which other investors may sell as their losses shrink.

The first recovery tests come before $100,000

Glassnode's Week 27 research placed the Short-Term Holder Cost Basis, an aggregate breakeven for recent buyers, near $72,200. It put the True Market Mean, a broader cost-basis measure for active investors, near $76,600. Bitcoin had traded roughly five months below both measures.

Those aggregate benchmark figures represent cohort averages and show where more investors could move back toward breakeven; individual entry prices and sell orders vary.

At the two nearest cost bases, the anniversary buyer's loss would shrink, while other holders would gain an earlier chance to exit.

Some may continue holding after returning to profit. Others may reduce exposure after spending months underwater. The strength of demand at those points determines whether that potential supply is absorbed.

Glassnode's July 13 update said Bitcoin's move toward $64,000 lacked broad conviction because spot participation and on-chain activity are weak. By July 15, the firm said long-term-holder capitulation was cooling, and buyers had absorbed the June lows, but it still described the bottom as a work in progress.

The two updates point to incremental improvement; clearing the first two cost bases still requires stronger demand. At $72,200 and $76,600, the relevant question is how much potential selling emerges and whether buyers absorb it.

The anniversary buyer remains far from whole

Even retaking the psychological landmark of $100,000 would leave Bitcoin well below the July 2025 price. The recovery ladder separates two questions: whether the market can regain the cost bases of more recent participants, and whether a buyer near the 2025 record can recover the full loss.

Glassnode also kept downside risk open. Its July 8 report said the lower bear-market band near the $53,000 Realized Price remained possible. Glassnode presented $53,000 as residual risk and continued to describe the bottom as unconfirmed.

Bitcoin needs to recapture the two lower cost bases before $100,000 or $123,165 become relevant. A stronger recovery therefore depends first on demand absorbing potential de-risking near $72,200 and then near $76,600.

Until both checkpoints are reclaimed through broader participation, the anniversary buyer faces holders who can exit sooner.