Bitcoin weakness for 11 months... Murphy compares to the past two cycles

Market analyst Murphy said Bitcoin’s current weak phase has lasted about 11 months and that data so far does not overturn the case for a recovery in this cycle, in a post cited by MarsBit on the 8th. He based the view on the realized profit/loss ratio momentum (RPLR-M) indicator, tracking how long its red and green phases persist, whether green-line peaks are falling, and whether red-line troughs are getting shallower. Murphy argued the signal’s duration and the direction of its highs and lows matter more than its color alone. The comparison to the two prior cycles is the key context for judging whether this drawdown is following a historical bottoming pattern. What to watch next is whether the red phase shortens and its troughs stay shallow while green-line peaks stop declining.