[Opinion: This rally confirms the bull market is still ongoing, and the market is in a macro-driven 'new cycle'] BlockBeats news, on October 27, crypto analyst Murphy published an article stating that as of October 26, the BTC price has once again risen above the average cost of short-term holders (STH-RP: $113,200). This strongly refutes the overly subjective assertion that 'the bull market cycle has ended,' completely ignoring the objective fact that we are in a macro-driven 'new cycle.' 'If you look at the data from the first two cycles between 2017-2022, you’ll understand that during the downward trend of a bear market, it is almost impossible for BTC to frequently break back above the STH-RP after falling below it. That is clearly not the case now; at most, this can only be considered a bear market driven by temporary sentiment.'