Odaily Planet Daily News Chain data analyst Murphy stated that according to the Glassnode Investor Trend Confidence Index, the index has returned from the hesitant zone to the positive zone today, but this does not mean that BTC will immediately start a new round of growth. Looking back at July 2023 and June 2024, the rebounds after improved confidence both stalled near the previous highs. Murphy pointed out that the market is currently very confusing. Even if buying at high levels and holding for the long term can still make profits, the number of investors who can hold on firmly is limited. When the confidence index shifts from positive to hesitant, it often means that the trend may be nearing its end. In the future, BTC's trend may more likely show short-term bull and bear cycles, and the traditional method of defining cycles based on a -70% drop or a tens-fold increase may gradually become ineffective.