Four-Year Cycle Total Engraving Series (7)

965 days to the bull top after the price completely broke through the Balanced Price in April 2015 1005 days to the bull top after the price completely broke through the Balanced Price in February 2019 1010 days to $126k after the price completely broke through the Balanced Price in December 2022 The indicator shown in the chart is BTC: Balanced Price, an on-chain metric based on blockchain data, primarily used to predict Bitcoin's potential bottom price during bear markets. It is calculated using the following formula: Balanced Price = Realized Price - Transferred Price Realized Price: This represents the average cost basis of all Bitcoin. It is calculated by dividing the market value of all Bitcoin (based on the price at their last transaction) by the total circulating supply of Bitcoin. It reflects the average holding cost of market participants. Transferred Price: This is a value calculated based on "Coin Days Destroyed (CDD)." CDD measures the time Bitcoin is held on the network and the scale of its transfer. Transferred Price is calculated by dividing CDD by Bitcoin's existing supply and circulation time, then multiplying by 21 (as Bitcoin's maximum supply is 21 million). Balanced Price attempts to capture the "balanced" value of Bitcoin in the market by subtracting Transferred Price from Realized Price, especially at bear market lows, providing a potential price bottom reference.