Analyst: BTC Still Holds Above Short-Term Holder Cost Basis, Bottom Structure May Be Forming

Odaily Planet Daily News Analyst Murphy stated on platform X that, based on the relationship between the "1-3 month short-term holder cost basis (1-3m_RP)" and price action, Bitcoin may currently be in a phase of forming a bottom structure.

Murphy pointed out that historical bear market bottoms were accompanied by BTC breaking through and oscillating around the 1-3m_RP cost basis line, but the patterns differed across cycles: In 2015-2016, BTC fluctuated around this cost basis line for an extended period; in 2019-2020, it broke through and directly entered a mini bull market; in 2022-2023, it experienced a second retest to confirm support before rebounding again.

Murphy stated that since BTC broke through this cost basis line on April 15, it has maintained its operation above it. Regarding the subsequent trend, he believes the focus is not on predicting a specific scenario, but on preparing position and trading response plans for different market situations in advance.