[Analyst: BTC Still Maintains Short-Term Holder Cost Line, Bottom Structure May Be Forming] Odaily Planet Daily News - Analyst Murphy posted on the X platform, stating that based on the relationship between the '1-3 month short-term holder cost basis (1-3m_RP)' and price action, Bitcoin may currently be in the stage of forming a bottom structure. Murphy pointed out that the bottom of each bear market cycle has been accompanied by BTC breaking through and operating around the 1-3m_RP cost line, though the trends in different cycles vary: in 2015-2016, BTC oscillated around this cost line for an extended period; in 2019-2020, it directly initiated a mini bull run after breaking through; and in 2022-2023, it experienced a second retest to confirm support before rebounding again. Murphy noted that since BTC broke through this cost line on April 15, it has continued to operate above it. Regarding future trends, he believes the focus should not be on predicting specific scenarios but on preparing position and trading strategies for different market conditions in advance.