Analyst: The current average cost of all losing Bitcoin positions is only $93,600.

ME News message: On April 6 (UTC+8), crypto analyst Murphy posted on the X platform, saying that the current average cost of all losing Bitcoin positions is only $93,600. That means that, under the current loss structure, as long as BTC rises back to $93,000, the losing positions will all be back to breakeven on average. Although many positions are still trapped above the current level, it can be concluded that, during the two rapid sell-offs at the end of last year and the beginning of this year, a large amount of high-positioned trapped capital must have chosen to cut losses and exit, which is what drove down the overall average cost of floating loss positions. This figure’s deviation coefficient versus the current BTC price’s 30-day moving average is 1.4, whereas over the past three bear-market bottoms, the deviation coefficient has been at least above 2.0—greater than or equal to 2.0. A deviation greater than or equal to 2.0 means that when entering the absolute bottom zone, BTC’s price was only less than half of the “average cost of loss positions.” To meet this condition, BTC would need to drop to $46,800. If it does not drop to that level, then this will be the most exceptional bear market in history, because in terms of “pain level,” it will be much lighter than any previous bear market. (Source: PANews)