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CryptoQuant Analyst: Bull Market Cycle Indicator Shows Bullish Signal for the First Time in Weeks
On May 9, CryptoQuant analyst Burak Kesmeci stated that since February 24, 2024, CryptoQuant's Bull Bear Market Cycle Indicator has continuously emitted 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, the indicator has displayed a bullish signal for the first time in weeks. Although this signal is still relatively weak (coefficient of 0.029), the mere occurrence of a positive turn 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.