The most obvious performance in the bull market structure is the profit percentage in the circulating supply (PSIP) data. Without the influence of black swan events, the percentage of profitable chips falling to 70-75% will be the limit of the bull market cycle. Just like the middle area between the blue line and the purple line in the figure, it is the watershed of the bull-bear structure. On September 7, PSIP just hit the purple line and began to rebound.
In the previous cycles, except for the 5.19 incident that caused the bull market structure to be in jeopardy (it has fallen below), most of the other times will follow this market law. In other words, as long as PSIP is still above 70-75%, it can be considered that we are still in the structure of the bull market cycle.
With the expected interest rate cut finally landing, the trend of the Federal Reserve's monetary policy has changed. No matter how much entanglement and panic everyone has experienced before, fortunately, the bull market cycle has not left us, but at this time, you just don't leave first.
