Cost-Basis Migration and the 50-Week Test Frame Bitcoin's Early Bull Case

Bitcoin’s holder-base structure is rotating upward at an accelerated pace compared to the last cycle, with the $78-92k cost-basis cohort overtaking all others as the largest supply concentration just 55 days after the $58.5k cycle low. The speed of this migration — which took 97 days in the 2022/2023 analog — frames the central question facing markets this September: is this the first month of a new bull cycle, or the final chapter of an extended bear?