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

According to BlockBeats news, on October 27, crypto analyst Murphy stated that as of October 26, the BTC price has once again risen above the short-term holders' average cost basis (STH-RP: $113,200). This strongly confirms that the assertion about the “end of the bull run cycle” is overly subjective, completely ignoring the fact that we are objectively in a macro-driven “new cycle.” “If you look at the data from the first two cycles from 2017 to 2022, you can understand that during the downtrend of the Bear Market, it is almost impossible for BTC to frequently break back above the STH-RP after falling below it. And clearly, that is not the case now; it can at most be considered a phase of emotional Bear Market.”