The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

As the bull cycle carries on, everyone wants price predictions and a better understanding of when the price may top out and reverse course. Although we expect bitcoin to reach a six-figure price this cycle, it’s difficult to estimate how far the cycle will extend beyond that. There’s a lot of different models, thoughts and projections on this already. We will add one framework to the mix using long-term holder cost basis and long-term holder historic spent output profit ratio (SOPR) trends. This shouldn’t be taken as a price prediction for the cycle but rather a logical thought exercise based on simple historical assumptions.

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