BTC Four-Year Cycle Series (36)

⚫️ The black line represents the average cost of coins held for 3-6 months on-chain. The orange line represents the average cost of coins held for 6-12 months on-chain. The blue line represents the average cost of coins held for 1-2 years on-chain. Bear Market First Cross ➔ Historically, in the early stage (B) of each Bitcoin bear market, the black line often crosses below the orange line. Bear Market Second Cross ➔ Historically, in the mid-stage (M) of each Bitcoin bear market, the black line often crosses below the blue line. Bear Market Third Cross ➔ Historically, in the late stage (L) of each Bitcoin bear market, the orange line often crosses below the blue line. The first cross of the current bear market is complete. The second cross is still $1,118 away.