【#BTC On-Chain Indicator Update】The continued narrowing suggests there are still 6-10 months until the bottom, and the bottom is likely to see about 6-10 months of fluctuation before a rally. If we take a middle ground, there are still 2-3 quarters this year to be spent in decline, followed by a bottoming phase. However, the blue line pattern in this round is somewhat different from previous ones, and it's uncertain whether this indicates something different.