Bitcoin Bull Market Signal Confirmed for Fifth Time

A signal that confirms a new bull market in Bitcoin has appeared for the fifth time in its history, according to Darkfost, a contributor at data firm Cryptoquant.

The signal is based on the cost basis of short-term and long-term holders, with a bullish crossover occurring when the average price paid by short-term holders rises above that of long-term holders.

This crossover has happened before in 2012, 2015, 2019, and 2023, giving credence to the current bull market signal.

Darkfost notes that the seven-year cutoff for long-term coins is an arbitrary filter, but includes only active long-term holders who have moved their coins at least once in the past seven years.

The latest reading comes as U.S. spot Bitcoin ETFs took in $2.06 billion from September 21 to 23, with daily inflows slowing down over those three days.