Analysis: BTC's trend will welcome a normalization of short-term bulls and bears, and investor trend confidence has returned to a positive outlook today.

BlockBeats news, on September 12th, on-chain data analyst Murphy stated that according to the Glassnode Investor Trend Confidence Index, based on historical data, even if today's Investor Confidence Index returns from the hesitant zone to the positive zone, it does not mean that BTC will necessarily form a new rise trend. Similar to July 2023 and June 2024, the limit of the rebound was near the previous high. The current market is very confusing; although it has been proven that even buying at high points and holding firmly can yield subsequent gains, how many investors can firmly hold their positions? Whenever the Glassnode Investor Trend Confidence Index turns from positive to hesitant, it serves as a reminder that market confidence may be reversing, and the trend may soon come to an end. Whether BTC will continue to follow a four-year cycle remains unknown for all market participants, including institutions. Short-term bulls and bears may become a normalized measure of future BTC trends, and the previous methods of describing bull and bear cycles using -70% declines or dozens of times increases will become ineffective.