For ordinary investors, grasping the Bitcoin bottom doesn't need to be overly complicated—just focus on three core dimensions:

1. Valuation with MVRV: When the ratio drops below 1, it indicates the overall market has entered a loss zone, entering a historic "discount area." If it falls near 0.8, it signals a deep-water zone.

2. Sentiment with STH-SOPR: It acts like a "fear thermometer" for the market. When the indicator remains below 1, it shows short-term traders are panic-selling, often corresponding to the extreme of "capitulation selling."

3. Supply with LTH Supply: This is key to confirming the bottom. When the supply held by long-term holders stops shrinking after a plunge, and begins to stabilize or even increase, it means the most steadfast funds are starting to absorb selling pressure, completing the market turnover.

Practical strategy: When MVRV<1 and STH-SOPR<1 occur simultaneously, it can be seen as entering the bottom zone, a clear signal to start dollar-cost averaging in batches. If LTH Supply also begins to rise at this time, the bottom is even more certain.

Core principle: On-chain indicators are navigation tools, not stopwatches. They can precisely identify the "undervalued area" of a cycle but cannot predict the timing of the bottom. The biggest advantage for ordinary investors is patience—using indicators to gradually accumulate during fear, and then patiently wait for the cycle to bloom. Remember, the bottom is a process that requires time to build, not an instant rebound point.