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

Odaily News CryptoQuant analyst Burak Kesmeci said that CryptoQuant's bull-bear market cycle indicator has continued to send bearish signals since February 24, 2024. 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 once again shown a bullish signal for the first time in weeks. Although the 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 begun to move upward. If the indicator crosses above the bull-bear 365-day moving average (365DMA), history shows that Bitcoin may usher in a parabolic rise again.