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Murphy Analysis: BTC Market Trend and Potential Bear Market Bottom
Renowned analyst Murphy pointed out that when Bitcoin's Profit Supply Percentage (PSIP) is below 50%, it usually means that a bear market bottom is forming. PSIP recently fell below the 65% "boom and bust line" between November 22 and 23, reflecting a relatively volatile market. Currently, PSIP has recovered to 67.6%, in the key range of 65%-70%, suggesting that the market may usher in a turning point where confidence is restored or panic-induced.
Historical data shows that when PSIP is below 50%, it is often a bear market bottom feature. Earlier predictions suggested that Bitcoin's price would need to fall below $59,000 to reach this level, but the latest calculations have been adjusted to below $62,000. Analysts believe that Bitcoin below $62,000 may provide cost-effective layout opportunities, but it is still necessary to wait patiently for further changes in the market.
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