Data: BTC has remained above the short-term holder cost since breaking through in April, indicating that a cyclical bottom will eventually form.

ChainCatcher news, on-chain data analyst Murphy stated that changes in the relationship between cost basis and price action are one of the best perspectives for observing the formation of a BTC bottom structure, and the "1-3 month short-term holder cost basis" (1-3m_RP) is the most effective reference among them. The formation of each bear market bottom is accompanied by a gradual shift of the short-term holder cost basis (1-3m_RP, yellow line). For example: in 2015-16, after BTC first broke above the short-term holder cost basis, it hovered around it for a long period; in 2019-20, BTC strongly broke through the short-term holder cost basis, and then entered a minor bull run; in 2022-23, after BTC broke through the short-term holder cost basis, it retested the level, found support, and rebounded again. In this cycle, BTC has maintained above the short-term holder cost basis since breaking through on April 15. Regardless of the next move, a bottom will eventually form, BTC will break through the yellow line and inevitably shift direction. The analyst believes that what is important is not to predict the specific trend, but to prepare in advance and allocate positions reasonably. Past trends are provided for illustrative purposes only and do not constitute investment advice.