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Analyst: Realized net profit and loss have returned to zero, and the market is "emerging from a deep bear" into a transition period
BlockBeats News, May 6 — Analyst Murphychen (Murphychen888) stated on social media that the realized net profit and loss (NRPL) indicator has once again risen above zero, indicating that the overall profitability of the market is recovering, and new funds are entering to absorb the previous profit-taking. At the same time, Bitcoin’s price has broken through the STH-RP and TMMP double resistance levels.
Compared to historical cycles, the early stage of this bear market is similar to the previous cycle’s high point, but it skipped the classic “Stage 2” (price new lows but losses not expanding, panic selling clearing out), directly transitioning from Stage 1 to Stage 3 (NRPL back above zero).
The current market phase should be defined as “gradually emerging from a deep bear, entering a bull-bear transition period.” Even if short-term extreme events similar to March 12, 2020, occur, they are unlikely to fundamentally change the overall trend. From a long-term perspective, 2026 will mark an unprecedented bear market cycle.