⚡️ Bitcoin's worst pullback might not be as scary as you think. Right now, there's a data point that is repeating the structure seen before the 2023 bull market kicked off: Bitcoin "mining production cost." At the beginning of 2023, after BTC officially broke above the miners' production cost range, it did just one thing: It retested the upper edge of the range once. And then—never went back. Now, a similar structure is emerging. BTC reclaimed the miners' cost range on 8/19 Current price: around $76,400 Average production cost: around $50,500 BTC is now approximately 1.51x the average cost What’s truly worth noting is this: The "final retest" after breaking through in 2023 wasn’t the continuation of a bear market. Instead, it became one of the most critical entry points for the entire cycle that followed. So, if history only rhymes and doesn’t fully repeat— Even if BTC experiences another market-wide panic-inducing crash, I’d pay close attention to this: Will the price approach the upper edge of the miners' cost range again, completing one last "kiss of death"? If it does happen, I wouldn’t interpret it as the end of the bull market. Instead, it might be the market’s last chance in this cycle to offer you relatively cheap chips under the guise of a "crash." A lot of people wait for bull market confirmation before they dare to buy. But the positions with the highest returns are often found when the market looks the least like a bull market. Take responsibility for your analysis with your portfolio.