Bitcoin Market Cycle Indicator Hints At Bullish Breakout Ahead, Analyst Says

Bitcoin is showing signs of a trend reversal after weeks of downward movement, with the cryptocurrency surging past $100,000 for the first time since February 3. At the time of writing, Bitcoin is trading slightly above $100,000, approximately 5.2% below its all-time high of $108,786. The leading cryptocurrency has staged an impressive rebound of over 20% from its recent low of $74,508 recorded on April 6. Crypto analyst burakkemeci referred to the CryptoQuant Bull-Bear Market Cycle indicator, which is flashing early signs of a potential bullish trend reversal. The analyst noted that the indicator has started flashing bullish signals again, although the signal is still weak. The CryptoQuant Bull-Bear Market Cycle indicator tracks long-term and short-term market sentiment by comparing price momentum and investor behavior trends. The Bull-Bear 30-day MA has started to turn upward, and if it crosses above the 365-day MA, historical trends suggest Bitcoin could enter a phase of parabolic price growth. Recent macroeconomic developments, such as the increase in global liquidity, may further support the bullish narrative for Bitcoin. Despite recent strength, not all signals are bullish, with analysts cautioning that the current rally has been accompanied by aggressive profit-taking, increasing the chances of a local top forming. The Bitcoin Stochastic Relative Strength Index is beginning to reflect renewed bullish momentum, with the cryptocurrency trading at $103,444, up 4% in the past 24 hours.