BlockBeats news, on May 9, CryptoQuant analyst Burak Kesmeci stated that since February 24, 2024, CryptoQuant's bull-bear market cycle indicator has consistently 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 for the first time in several weeks shown a bullish signal again. Although this signal is still relatively weak (coefficient of 0.029), the positive turn itself is a positive sign.
More importantly, the bull-bear 30-day moving average (30DMA) has started to rise. If this indicator crosses above the bull-bear 365-day moving average (365DMA), history indicates that Bitcoin may once again experience a parabolic rise.
