Bitcoin Market Cycle Indicator Hints At Bullish Breakout Ahead, Analyst Says
Bitcoin (BTC) has shown signs of a potential trend reversal after weeks of decline, recently surpassing $100,000 for the first time since February 3. Currently trading slightly above this threshold, BTC is about 5.2% below its all-time high of $108,786 from January 20. The cryptocurrency has rebounded over 20% from a recent low of $74,508 on April 6. The CryptoQuant Bull-Bear Market Cycle indicator suggests a possible bullish trend, with the 30-day moving average turning upward. If it crosses above the 365-day moving average, historical trends indicate potential parabolic price growth. Macroeconomic factors, such as the increase in global M2 money supply, may support Bitcoin's rise. However, analysts warn of aggressive profit-taking and negative Demand Momentum, which could signal a local top. Despite these concerns, Bitcoin's Stochastic Relative Strength Index indicates renewed bullish momentum, with BTC trading at $103,444, up 4% in the past 24 hours.
