[Analysis: BTC Breakthrough in April Still Maintains Above Short-Term Holder Cost Basis, Cycle Bottom Will Eventually Form] BlockBeats News, May 18, on-chain data analyst Murphy stated that the relationship between cost basis and price action is one of the best perspectives to observe the formation of BTC's bottom structure. Among these, the '1-3 month short-term holder cost basis' (1-3m_RP) is the most effective reference indicator. The formation of every bear market bottom structure is accompanied by a gradual shift in the short-term holder cost basis (1-3m_RP, yellow line). Taking previous cycles as examples: - In 2015-2016, after BTC first broke through the short-term holder cost basis, it oscillated around it for a long period. - In 2019-2020, BTC strongly broke through the short-term holder cost basis, followed by a mini bull run. - In 2022-2023, after BTC broke through the short-term holder cost basis, it retested it twice, found support, and rebounded again. In this cycle, since BTC's breakthrough on April 15, it has remained above the short-term holder cost basis. However, regardless of the upcoming price action, the bottom will eventually form, and BTC will break through the yellow line and inevitably shift direction. The analyst emphasized that the key is not to predict specific price movements but to prepare in advance and allocate positions wisely. Historical trends are provided as examples and do not constitute investment advice. [Original Link]