CryptoQuant Analyst: Bullish Signal Appears for the First Time in Weeks in the Bull-Bear Market Cycle Indicator

Odaily News CryptoQuant analyst Burak Kesmeci stated that since February 24, 2024, CryptoQuant’s bull-bear market cycle indicator has continuously issued bear market signals. However, in recent days, the indicator has begun to show signs of a potential trend reversal. As Bitcoin returns above $100,000, this indicator has shown a bullish signal for the first time in weeks. Although this signal is still relatively weak (with a coefficient of 0.029), the positive turn itself is a positive sign. More importantly, the bull and bear 30-day moving average (30DMA) has started to trend upwards. If this indicator crosses above the bull and bear 365-day moving average (365DMA), history shows that Bitcoin may once again experience a parabolic rise.

BTC0.34%
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