The indicator in the current chart has fallen to 1.42 in the four-year cycle total score series (18) In 2014, the indicator fell to 1.42 and reached a bear bottom in 76 days ($0.15k) In 2018, the indicator fell to 1.42 and reached a bear bottom in 82 days ($3.1k) After 22 years, the indicator fell to 1.42 and reached its second bear bottom in 26 days ($17.6k) The gray line at the top of the graph represents the BTC price; The yellow line represents the average cost for short-term BTC holders; Meihong Line is the average cost for long-term BTC holders (excluding chips held for more than 10 years) The indicator at the bottom of the chart is the ratio of the "average cost of BTC short-term holders" to the "average cost of BTC long-term holders (excluding>10y chip version)" (i.e. yellow line/red line) Definition of Average Cost for BTC Short term Holders: The average cost for investors who hold Bitcoin for less than 155 days. Meaning: Reflecting the recent cost base of buyers, they are sensitive to price fluctuations and are prone to selling when prices fall. Often used as a short-term market sentiment indicator - prices higher than this average during bull markets, and falling below it during bear markets may exacerbate selling Definition of average cost for long-term BTC holders: The average cost for investors who hold Bitcoin for more than 155 days, excluding chips that have been held for more than 10 years (which may be lost or never move, such as Satoshi Nakamoto's coins). Meaning: Focusing on "active" long-term holders, providing a more realistic cost basis. Often used as a reference for market support levels - may become a price bottom in bear markets The meaning of the ratio (short-term average price/long-term average price) is to reflect the market cycle stage and participant behavior: Ratio>1: Short term buyer costs are high (new funds enter at a high price), and the sentiment is optimistic but may be overheated Ratio<1: bear market or bottom signal, low short-term buyer costs (low price entry), weak hand clearance, market may recover Overall trend: Rising ratio=continuation of bull market; Decline=bear market or distribution phase. Excluding chips with a lifespan of over 10 years allows the ratio to more accurately capture cyclical turning points, and historically,<1 has often been a long-term buying opportunity