Bitcoin Cycle Breaks Pattern as On-Chain Metrics Hit 4-Year Low

Bitcoin's on-chain metrics have reached deep-value readings typically seen at cycle bottoms, despite the price only retracing about 40% from its all-time high, according to BeInCrypto. This contrasts with previous bear cycles, which saw declines of 75% to 85%. Six indicators suggest a market reset without a euphoric top, as long-term holders have not distributed their assets. The Mayer Multiple Z-Score, Bitcoin Sharpe Ratio, and percentage of supply held in loss all indicate stress in the price-versus-trend relationship, while the 200-week moving average has held firm. Long-term holders maintain high conviction, suggesting potential for future upward movement.