Bitcoin Bear Market Declared Over as Key Signal Crosses Threshold

CryptoQuant CEO Ki Young Ju has announced that the Bitcoin bear market is over. This declaration comes after his proprietary profitability index recently crossed a critical threshold, signaling a bullish trend. The same signal preceded Bitcoin's massive rally from $16,000 to over $73,000 in 2023.

Bitcoin's recent surge past $79,000 has been supported by significant institutional interest, with $1.92 billion in net inflows into US spot Bitcoin ETFs. However, analysts caution that confirmation of this trend requires Bitcoin to maintain price levels above key cost bases to avoid potential sell-offs.