Opinion: BTC falling below $106,000 will trigger panic among long-term holders, the recent pullback has not yet "arrived."

On September 28, on-chain data analyst Murphy indicated that if the fluctuations of BTC since August 13 are viewed as a major trend adjustment, it may not have fully adjusted yet. So far, all losses have been contributed by short-term holders (STH), while the losses of long-term holders (LTH) still account for 0%. From this perspective, the current situation does not align with the most panic-stricken moments in a downtrend. On-chain data shows that it is not far from triggering panic among long-term holders, with the highest cost basis for long-term holders around $106,000, but they have limited holdings. When BTC enters the range of $97,000 to $106,000, an increasing number of long-term holders will enter a loss state, likely marking the bottom range for a trend pullback. This analysis is for learning and communication purposes only and should not be considered as investment advice.