Bitcoin Begins Bull Market? These Eight Key Indicators All Just Turned Green for the First Time Since Early 2021

cryptonews.com:

Earlier this week, eight out of eight key on-chain and technical indicators tracked by crypto analytics firm Glassnode’s “Recovering from a Bitcoin Bear” just signaled that the next Bitcoin bull market might be here. That was the first time that all eight indicators had been flashing a BTC buy signal in unison since March 2016.

Glassnode analysts utilize the “Recovering from a Bitcoin Bear” dashboard to gauge whether Bitcoin might be in the process of transitioning from a bear market into a longer-term bull market. The dashboard analyses whether Bitcoin is trading above key pricing models, whether or not network utilization momentum is increasing, whether market profitability is returning and whether the balance of USD-denominated Bitcoin wealth is in favor of the long-term HODLers.

On Thursday, one of the indicators (the 2-year Z-score of the Revenue From Fees Multiple) reserved slightly and was no longer flashing a buy signal. However, this reversal will likely be short-lived and all eight indicators are likely to soon start flashing green in unison once again.

This could have important implications for the Bitcoin price. As the graphic above demonstrates, during a Bitcoin bull market, it is common to see Glassnode’s “Recovering from a Bitcoin Bear” dashboard switching between all eight and less than eight indicators flashing green. This doesn’t itself mean anything for the Bitcoin price.

What is more meaningful here is when you consider the moment when all eight of the indicators of the dashboard start flashing green for the first time after a prolonged Bitcoin bear market. The last time this happened was during October 2020, when Bitcoin was trading around $11,500. By April 2021, Bitcoin had surged into the $63,000s.