TradingView News Reports Bitcoin Bull-Bear Cycle Indicator Turns Bullish with Price Sustaining Above $60K

The market sentiment gauge for Bitcoin has pivoted towards optimism as shown by the bull-bear cycle indicator. This comes after a three-day period where Bitcoin value descended to lows not experienced since the month of February.

“A number of on-chain metrics for Bitcoin, which were previously flirting with bearish territory, are now firmly in the bull market camp,” observed CryptoQuant CEO Ki Young Ju in a statement on August 9.

Reinforcing the positive sentiment, PlanB, a crypto analyst who prefers to remain anonymous, concurred: “Bitcoin is still navigating a bull market.”

“The Bitcoin markdown persisted merely for a trio of days,” Ju expressed. His commentary follows Bitcoin’s fall to a valuation of $49,751 on August 5, in an event now referred to as “Crypto Black Monday.” This marked its premier decline beneath the $50,000 mark since February.

Bitcoin continued to be traded below the significant benchmark price of $60,000 up until August 8, as per the figures from CoinMarketCap.

At the moment of this report’s release, Bitcoin is changing hands at $60,732.

Not since January 2023, just subsequent to the FTX debacle, had the Bitcoin market cycle indicator demonstrated a bearish phase.

The bearish sentiment wasn’t in isolation; for instance, the Crypto Fear and Greed Index plummeted to a level of “Extreme Fear” with a score of 17 on August 6, marking the nadir since the FTX turmoil.

The index has since experienced a rebound, currently reflecting a “Neutral” position with a score of 48.

Certain Bitcoin investors speculate that the abrupt shift may indicate the recent downswing was a bear trap—a scenario where savvy investors dispose of Bitcoin in a deliberate fashion to depress prices temporarily, entrapping those betting on a decline.

Analyst Opinions Diverge on Future Prospects

Whereas some analysts posit that the latest downturn of Bitcoin might replicate historical precursors to bull markets, others maintain a cautious stance.

On August 7, Markus Thielen, head of research at 10x Research, suggested that to pinpoint the opportune moment to partake in the forthcoming bull market, Bitcoin prices should retreat into the lower $40,000’s range.