Bitcoin's price has climbed above the short-term holder average realized price (STH-RP) of $113,200, according to crypto analyst Murphy. This development, noted on October 26, suggests that the ongoing market is part of a macro-driven 'new cycle,' countering claims that the bull market has ended. Murphy highlighted that historical data from the 2017-2022 cycles indicates Bitcoin seldom recovers above the STH-RP during bear markets. This pattern suggests that the current market downturn is a temporary phase of sentiment rather than a definitive end to the bull market.