BlockBeats News, May 6th, Analyst Murphychen (Murphychen888) stated on social media that the Net Realized Profit/Loss (NRPL) indicator has returned above the zero axis, indicating that the overall market profitability is recovering, and new funds entering the market have taken over the previous profits. At the same time, the Bitcoin price has broken through the STH-RP and TMMP dual resistance levels.

Comparing it to historical cycles, the early stage of this bear market is highly similar to the previous cycle's peak, but it skipped the classic "Stage 2" (price hits a new low but losses do not widen, panic selling), transitioning directly from Stage 1 to Stage 3 (NRPL back above the zero axis).

The current market phase should be defined as "gradually emerging from a deep bear market, entering a bear-to-bull transition period." Even if short-term extreme events similar to March 12, 2020, may occur, they are unlikely to fundamentally change the overall trend direction. From a long-term perspective, 2026 will mark an "unprecedented bear market cycle."