Four-Year Cycle Total Engraving Series (25)

January 2015: This indicator dropped to 0.75, and 7 days later marked the bear market bottom. December 2018: This indicator dropped to 0.75, and 9 days prior marked the bear market bottom. September 2022: This indicator dropped to 0.75, and 48 days later marked the bear market bottom. ┌── | Indicator Details ──┐ The gray line at the top of the chart represents BTC price; The red line represents the average purchase cost of Bitcoin short-term holders (Short-Term Holder Realized Price); The blue line represents the true market average purchase cost of Bitcoin (True Market Mean Price). The indicator at the bottom of the chart is the ratio of the red line to the blue line (>0.75 is green; <0.75 is red). The average purchase cost of Bitcoin short-term holders reflects the average purchase cost of recent market entrants (holding <155 days). The true market average purchase cost of Bitcoin is calculated as "Investor Market Value" (excluding Bitcoin mined but not yet traded on the secondary market) divided by "Time-Weighted Active Supply" (excluding long-term dormant and lost coins). It reflects the true average purchase cost of genuinely active market participants (excluding newly minted coins by miners, lost coins, and long-term inactive holdings).