Bitcoin Bear Market Called Over by CryptoQuant's CEO
CryptoQuant's CEO Ki Young Ju says Bitcoin has exited its 2026 bear market. According to him, the Bull/Bear Market Cycle Indicator has printed a positive reading of 0.042 for the first time since October 2025.
This indicator is derived from several on-chain profitability metrics, including the P&L Index, which measures realized and unrealized profits and losses. A value above zero indicates a bullish phase in the BTC price cycle.
The current Bull/Bear reading is significant because it repeats a pattern seen in early 2023 when Bitcoin was recovering from its bear market. However, concerns remain over insufficient market liquidity to support a macro BTC price trend change.