This statement is consistent with the bull-bear judgment given by GlassNode's NUPL data. According to the NUPL data, past historical cycles have always reached the deep bear (red) zone, while currently, it is still in the shallow bear (orange) zone.

Whether we can enter the deep bear and when we will enter the deep bear is still difficult to ascertain from the data. It is possible that this war could drag $BTC into the deep bear, or it may wait until inflation rebounds, most likely needing an event to trigger it.

PS: This Entity-Adjusted NUPL is slightly different from what I personally consider the most accurate Entity-Adjusted LTH-NUPL data, but the difference is not significant. In simple terms, starting to gradually buy on dips below $65,000 should be a feasible strategy.

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