Analysis shows that BTC faith buyers' holdings have hit a new high for this cycle, and the bear market bottom is no longer far away. Summarizing, crypto analyst Murphy pointed out that on-chain data analysis indicates the market is approaching the bear bottom. Faith buyers continue to increase their BTC holdings, demonstrating market confidence. Although predicting the exact bottom is difficult, their behavior helps to establish a bottom range, paving the way for a new trend. According to ChainCatcher, crypto analyst Murphy stated that by analyzing on-chain data from both spatial and temporal dimensions, the "bear bottom" is no longer distant.

Spatially, taking the previous cycle as an example, in June 2022, BTC bottomed at $17,000, which is very close to the final absolute bottom price of $15,000. This indicates that, spatially, the market was already in the "bear bottom" zone, but it took a full 7 months to break out and complete the bottom reconstruction. Currently, the market is getting closer to the bear bottom in terms of space, but there is still a considerable distance in time.

A key focus is on the behavior of conviction-driven buyers (hereafter referred to as CB). As the market's most intelligent "diamond hands," they tend to buy during declines and sell during rallies. In other words, rather than just buying at the bottom, they often help to build the bottom. As of February, faith buyers have accumulated a total of 3.48 million BTC, setting a new record for this cycle. Since January of this year, they have increased holdings by 1.22 million BTC, far surpassing the previous cycle's 5.19 event, the LUNA crash, and the FTX collapse periods.

Moreover, BTC prices are currently higher than those previous time points. Although the exact bottom position remains unpredictable, for the CB group, they do not rely on hitting the absolute low with a single shot. As long as the investment offers good value, they will continue to buy until all excess supply is absorbed. When supply and demand reach a balance, it forms the bottom range of the bear market. After months of consensus rebuilding, a new trend can then emerge.

From historical data, the determination and strength shown by faith-driven buyers now fully meet the standard of "the bear bottom is not far away." #Gate广场发帖领五万美金红包