CryptoQuant Analyst: Bull-Bear Market Cycle Indicator Shows Bullish Signal for the First Time in Weeks
Odaily Planet Daily News: CryptoQuant analyst Burak Kesmeci stated that since February 24, 2024, CryptoQuant's bull-bear market cycle indicator has consistently signaled a bear market. However, in recent days, the indicator has begun to show signs of a potential trend reversal.
With Bitcoin returning above $100,000, the indicator has shown a bullish signal for the first time in weeks. Although this signal is currently still weak (with a coefficient of 0.029), the positive shift itself is a positive sign.
More importantly, the bull-bear 30-day moving average (30DMA) has started to trend upwards. If this indicator crosses above the bull-bear 365-day moving average (365DMA), history suggests that Bitcoin may once again experience a parabolic rise.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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