en.bitcoinsistemi.com
The leading cryptocurrency, Bitcoin ($BTC), has been on an upward trend in recent weeks. This upward momentum has pushed the $BTC price up to $82,000, and the market argues that this movement is a sign of a new bull run.
However, CryptoQuant analyst Julio Moreno notes that the recent upward movement in $BTC indicates a short-term peak, not a new bull market.
According to Julio Moreno, while $BTC is showing signs of exiting the bear market, it seems more likely to form a short-term peak rather than begin a major bull run.
In his latest analysis, Moreno noted that CryptoQuant’s “Bull-Bear Market Cycle” indicator has given an early bullish signal for the first time since March 2023.
However, the analyst emphasized that interpreting this signal in isolation and blindly is wrong, recalling that $BTC experienced a similar situation in 2019 and March 2023. The analyst noted that $BTC also encountered resistance and fell after a similar signal in March 2023. According to the analyst, the bull-bear market cycle signal in 2023 did not indicate the beginning of a new bull market, but rather a short-term peak before further decline.
Moreno stated that lessons should be learned from past data, adding that while $BTC appears to have recovered from a deep correction, there are also signs of market overheating and fatigue.
“…Bitcoin is no longer behaving like it’s in a deep bear market, and the recovery at the 30-day moving average indicates there’s improving momentum beneath the surface.”
On the other hand, many other market metrics are already showing signs of exhaustion. This makes this signal less clear than a classic early-cycle confirmation.”
In conclusion, the analyst stated that the current situation in Bitcoin is closer to a potential short-term peak rather than the beginning of a bull market, adding that a strong price breakout and further upside are needed to call it bullish.
*This is not investment advice.