[Analysis] "On-chain Indicators Reverse After 14 Months... Potential for Bitcoin's 'Parabolic Surge'"

An analysis has emerged indicating that Bitcoin (BTC) on-chain indicators have turned bullish for the first time in about 1 year and 2 months.

Burakkesmeci, a contributor to CryptoQuant, stated on the 9th through CryptoQuant, "Since late February 2024, the bull-bear cycle indicator has consistently pointed to a bear market," adding, "However, signs of a trend reversal have appeared in recent days." Burakkesmeci noted, "Bitcoin is showing bullish signals for the first time in weeks as it surpasses $100,000 again," and added, "The signal strength is still weak, but the emergence of positive changes is encouraging."

He also mentioned future price prospects. Burakkesmeci analyzed, "The important thing is that the 30-day moving average of the bull-bear cycle has turned upward," and "If this indicator also breaks above the 365-day moving average, Bitcoin's price could experience a parabolic surge again."