Green columns appeared at the end of the bear market and the beginning of the bull market in 2015, and the bull market peaked 2 years and 50 days later; Green columns appeared at the end of the bear market and the beginning of the bull market in 2019, and the bull market peaked 2 years and 5 days later; Green columns appeared at the end of the bear market and the beginning of the bull market in 2024, and 1 year and 94 days have passed so far. The black line in the figure is the total market value of#BTCin US dollars; the blue line is the 365-day MA of the total market value of chips of long-term coin holders on the chain (holding coins for >155 days). When the blue line turns upward, it is marked with green columns.