Four-Year Cycle Total Engraving Series (29)

2014 BTC underwater for a total of 22 days to bear market bottom 2018 BTC underwater for a total of 26 days to bear market bottom 2022 BTC underwater for a total of 26 days to secondary bear market bottom ($17.6k) This cycle so far BTC underwater for a total of 40 days ┌── | Indicator Details ──┐ The black line in the chart represents Bitcoin market cap; The blue line represents the market cap of Bitcoin long-term holders' chips (365d-MA). Defining BTC underwater as when the black line is below the blue line.