Bitcoin bull-bear market cycle signals potential bear market — Analyst
Bitcoin fell to a low of approximately $49,000 following market turmoil brought on by the Bank of Japan’s rate hike and the Federal Reserve’s inaction.
The Bitcoin bull-bear market cycle indicator, a metric that tracks phases of investor sentiment in the Bitcoin (BTC) market, recently signaled a bear phase following the macroeconomic downturn resulting from rising Japanese interest rates and a strengthening yen.
According to Julio Moreno, head of research at CryptoQuant, the indicator has not flashed a bear signal since January 2023, a few short months after the collapse of FTX.
Moreno also pointed to the indicator’s history of accurately predicting market downturns during the COVID-19 panic of March 2020, the Chinese government’s mining ban in May 2021 and the start of the crypto bear market in November 2021.
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Author: Vince Quill
