CryptoQuant analyst: Bull bear market cycle indicator shows bullish signal for first time in weeks

According to BlockBeats, on May 9th, CryptoQuant analyst Burak Kesmeci stated that since February 24, 2024, CryptoQuant's bull/bear market cycle indicator has continued to signal a bear market. However, in recent days, the indicator has begun to show signs of potential trend reversal. As Bitcoin returns above $100000, the indicator has once again shown a bullish signal for the first time in weeks. Although this signal is still relatively weak (coefficient of 0.029), the appearance of a positive turn itself is a positive sign. More importantly, the bull bear 30 day moving average (30DMA) has started to rise. If the indicator crosses the bull bear 365 day moving average (365DMA), history suggests that Bitcoin may once again experience a parabolic upward trend.