CryptoQuant&#8217;s Bitcoin Bull-Bear Cycle Indicator is flashing a green signal for 
the first time since March 2023. Here&#8217;s what it could mean for the asset. 
Bitcoin Now In &#8220;Early Bull&#8221; Phase On CryptoQuant&#8217;s Market Cycle Indicator As 
highlighted by an analyst in a CryptoQuant Quicktake post, the CryptoQuant 
Bitcoin Bull-Bear Market Cycle Indicator has signaled a shift for the 
cryptocurrency recently. This indicator tells us, as its name suggests, about 
the phase of the cycle that BTC is potentially inside right now. Related 
Reading: SUI Surges 40%: Analytics Firm Explains What’s Driving The Rally The 
metric is based on CryptoQuant&#8217;s P&amp;L Index, which combines the data of several 
key on-chain indicators to provide a single score for the network. The P&amp;L 
Index&#8217;s interactions with its 365-day moving average (MA) are considered to 
correspond to phase shifts for BTC. The Bull-Bear Market Cycle Indicator 
captures this relationship by tracking the difference between the two. When 
the Bull-Bear Market Cycle Indicator has a high value on either side of the 
scale, it means that the P&amp;L Index is a significant distance above/below its 
average value from the past year. Such a trend can indicate that the asset is 
in an extreme phase. Similarly, the indicator being close to the zero mark can 
imply the market may be in a phase transition. Now, here is a chart that shows 
how the metric has looked for Bitcoin recently: As displayed in the above 
graph, the CryptoQuant Bitcoin Bull-Bear Market Cycle Indicator dropped to a 
deep negative value after the price crash at the start of February. This low 
in the metric coincided with an &#8220;Extreme Bear&#8221; phase reading (shaded in 
purple) for the market. The indicator stayed inside this zone only for a few 
brief instances; however, as the cryptocurrency quickly found some stability. 
Throughout March and April, the metric remained in the &#8220;Bear&#8221; territory 
(blue), suggesting that while the P&amp;L Index wasn&#8217;t at an extreme distance 
below its 365-day MA, it was still low enough to correlate to bearish market 
conditions. As the price recovered, though, the Bull-Bear Cycle Indicator 
became less negative. And finally, with the latest continuation to the rally 
in May, it has left the Bear region altogether, with its value now implying an 
&#8220;Early Bull&#8221; phase (green). Historically, this phase has often been followed 
by bullish transitions for the sector. As the chart below highlights, the 
signal appeared in both 2019 and 2023. It&#8217;s also apparent in the graph, 
however, that a false signal also surfaced in March 2022. &#8220;Instead of 
confirming a new bull market, the signal marked a local top before Bitcoin 
continued its broader downtrend,&#8221; noted the quant. Given this, it now remains 
to be seen which of the two categories the new signal will fall into. Related 
Reading: Bitcoin Exits ‘Panic Zone,’ But Capital Inflows Remain Weak BTC Price 
At the time of writing, Bitcoin is floating around $80,700, down 0.5% in the 
last 24 hours. Featured image from Dall-E, chart from TradingView.com

Bitcoin Cycle Indicator Turns Green For First Time In Years: Early Bull Or Local Top?

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CryptoQuant signal has flipped Bitcoin into early bull territory for the first 
time since March 2023, analysts say. CryptoQuant&#8217;s Bull-Bear Market Cycle 
Indicator entered bullish territory on May 12 for the first time since March 
2023, signaling what analysts describe…

CryptoQuant signal flips Bitcoin to bull territory

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Bitcoin Cycle Indicator Turns Green For First Time In Years: Early Bull Or Local Top?

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