Point of View: The current rally indicates that the bull market is still intact, and the market is in a macro-driven "new cycle."

BlockBeats News, October 27th, Cryptocurrency analyst Murphy posted a message stating that as of October 26th, the price of BTC once again returned above the Short-Term Holder Realized Price (STH-RP: $113,200), which also powerfully confirms that the assertion "about the end of the bull market cycle" is overly subjective, completely ignoring the fact that objectively we are in a macro-driven "new cycle."

"If you have seen the data from the first two cycles from 2017 to 2022, you can understand that in the bearish downtrend, BTC is almost impossible to repeatedly break back above the STH-RP after falling below it. However, that is obviously not the case now; at most, it can only be considered a phase of bearish sentiment."