Opinion: This round of pump can confirm that the bull run is still ongoing, and the market is in a macro-driven "new cycle".

On October 27, crypto analyst Murphy posted that as of October 26, the BTC price has once again returned above the average turnover cost of short-term holders (STH-RP: $113,200). This strongly confirms that the assertion regarding the “end of the bull run cycle” is overly subjective, completely ignoring that objectively we are in a macro-driven “new cycle.” “If you look at the data from the first two rounds of cycles from 2017 to 2022, you will understand that during the downward trend of the Bear Market, it is almost impossible for BTC to frequently break above the STH-RP again after falling below it. And clearly, that is not the case now; at most, it can only be considered a phase of bearish sentiment.”