Huo Xing Finance reports that on May 12, CryptoQuant’s Bitcoin bull-bear cycle indicator turned green for the first time since 2023. On-chain analyst Julio Moreno stated that this typically signals a transition from a bear market structure to a recovery phase. Moreno noted that historically, when this indicator exits bearish territory and enters the “Early Bull” zone, it often indicates that the worst adjustment phase has ended and market structure is beginning to recover. However, multiple analysts emphasized that this indicator is better suited for identifying market phase transitions rather than serving as a precise trading signal. Mati Greenspan, founder of Quantum Economics, said the primary value of such indicators lies in determining whether “Bitcoin has stopped behaving like a bear-market asset”; true confirmation still requires sustained demand, improved liquidity, and price stability within key ranges. Currently, Bitcoin has not yet effectively broken through the $82,000 resistance level. Although it has rebounded approximately 35% from its February low of around $60,000, the market remains in a consolidation phase. Moreno believes that to truly confirm a bull signal, Bitcoin must absorb some of its current “weakness” indicators while navigating pressures from a neutral Fear & Greed Index and a complex macroeconomic environment. Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, argues that Bitcoin has already completed a阶段性 bottoming process near $60,000 this year. He stated that once Bitcoin breaks above $90,000, the market could enter an “explosive phase,” with the target once again aiming at the previous high of $126,000. Meanwhile, some analysts caution that on-chain indicators such as MVRV and NUPL are fundamentally part of a “behavioral cycle framework” and should not be treated as absolute predictive tools.
The CryptoQuant Bitcoin Bull-Bear Indicator Has Turned Green Since 2023, Analysts Signal Early Bull Phase
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Summary
Bitcoin news broke on May 12, 2026, as the CryptoQuant bull-bear indicator turned green for the first time since 2023. Analysts view this as a sign of an early bull phase. Julio Moreno said such moves often mark the end of the worst correction and the start of a recovery. Mati Greenspan’s Bitcoin analysis emphasized the need for sustained demand and price stability above key levels. Arthur Hayes noted that a breakout could follow if Bitcoin surpasses $90,000.
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