BTC Four-Year Cycle Series (36)

⚫️ Black line: Average purchase cost of on-chain holders with 3-6 months holding duration Orange line: Average purchase cost of on-chain holders with 6-12 months holding duration Blue line: Average purchase cost of on-chain holders with 1-2 years holding duration Bear Market First Cross ➔ Historically, in the early stages of Bitcoin bear markets, the black line often crosses below the orange line. Bear Market Second Cross ➔ Historically, in the mid-stages of Bitcoin bear markets, the black line often crosses below the blue line. Bear Market Third Cross ➔ Historically, in the late stages of Bitcoin bear markets, the orange line often crosses below the blue line. Worth mentioning— 2015: The lowest price during Bitcoin's bear market double bottom occurred between the second and third crosses. 2019: The lowest price during Bitcoin's bear market double bottom occurred between the second and third crosses. 2022: The lowest price during Bitcoin's bear market double bottom occurred between the second and third crosses. The first cross of this bear market has already happened. The second cross is still $893 away.