Cryptocurrency investors may be in for a ride. CryptoQuant's Bitcoin Bull-Bear Market Cycle Indicator has flipped to green for the first time since March 2023, signaling the potential start of an 'early bull' market. The signal, which appeared on May 12, follows Bitcoin's recovery from a February plunge to roughly $60,000. Since that low, the digital asset has climbed about 35%, though it remains stuck below the $80,000 to $82,000 resistance zone.
Historically, the last time this indicator turned green, it set off a 17-month rally that culminated in Bitcoin's all-time high near $108,000 in October 2025. The indicator uses CryptoQuant's P&L Index compared against a 365-day moving average to detect market regime changes.
But investors should remain cautious. The last bull signal in March 2022 was ultimately crushed by macroeconomic headwinds, turning what looked like an early bull into a cautionary tale.