CryptoQuant Executives Said Bitcoin’s Bear Cycle Has Ended

• CryptoQuant analysts believe bitcoin’s market regime has shifted to bullish.
• At the same time, to confirm the asset’s new trend, it needs to hold above the 365-day moving average at $83,000.

CryptoQuant head of research Julio Moreno said bitcoin’s market regime has moved into a bullish phase.

“Basically all metrics are pointing to the initial phase of a new bull market,” he noted.

Moreno also highlighted two key conditions to watch. According to him, for the bull market to be “officially” confirmed, bitcoin needs to break above the 365-day moving average, which is currently hovering around $83,000.

The analyst also did not rule out a correction amid elevated unrealized profits after the recent rally, as well as potential selling pressure due to a spike in bitcoin inflows to exchanges.

Meanwhile, CryptoQuant CEO Ki Young Ju said that bitcoin’s bear cycle has already ended. According to him, the company’s indicator also signaled the start of an early bull-market phase in January 2023.

Bitcoin faced selling pressure near $80,000

In a new report, CryptoQuant analysts noted that bitcoin retested the $80,000 level but failed to hold above it. Demand was supported by inflows into spot ETFs and falling US Treasury yields, while profit-taking by current holders capped further upside.

According to on-chain data, nearly all major investor cohorts have returned to profit. In particular, the unrealized profit and loss metric stands at:

• 21.1% — for long-term holders
• 13.4% — for short-term holders
• 13.9% — for capital with a holding period from one day to one month
• 5.3% — for the newest investors

Experts stressed that this situation points to a healthier market, but at the same time increases the potential for profit-taking.

According to CryptoQuant, a sustained breakout above $80,000, supported by ETFs and spot demand, could open the way for bitcoin to $88,000 — $90,000. At the same time, losing the $75,000 — $76,000 zone could weaken short-term holders’ profitability and accelerate the correction.

“The key question is not whether bitcoin can briefly touch $80,000, but whether new demand can absorb selling from profitable holders,” the experts concluded.

CryptoQuant also added that bitcoin has just entered a new bull market, as the Bull Score indicator jumped from 30 to 80 in a week — the fastest change in a year.

As a reminder, earlier the CEO of CryptoQuant said that bitcoin still has another parabolic growth cycle ahead.

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