This chart is showing something most people are completely overlooking.
$BTC is currently sitting right at the cost of production zone.
Not above it. Not comfortably below it. Right at it.
And if you’ve studied past cycles, you already know what that means. Every major bear market bottom has formed around this exact area — the point where mining Bitcoin becomes barely profitable. Historically, when price reaches production cost, weak hands are already gone, fear is extreme, and long-term accumulation quietly begins.
Go back and check previous cycles. 2015. 2018. 2022. Same story. Price grinds down, sentiment is dead, and then — right around production cost — the market builds a base before the next expansion phase.
This is not hype. It’s math.
When price trades near production cost, miners either capitulate or hold strong. And when supply pressure slows down while demand stabilizes, that’s where structural reversals are born.
You don’t have to agree with me.
You can scroll past this.
You can call it noise.
But don’t act surprised later if this zone ends up being remembered as one of those “obvious in hindsight” moments.
I’ve seen this movie before.
The question is simple — are you paying attention, or waiting for confirmation after the move is already gone?
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