PANews reported on May 12th that, according to CryptoQuant analyst MorenoDV, the Bitcoin Bull/Bear Cycle Indicator has turned into an "early bull market" signal for the first time since March 2023. Historically, this signal, which appeared in 2019 and early 2023, indicated that the worst of the correction had passed and the market structure was beginning to recover. However, there was an exception in March 2022, when the indicator also entered early bull market territory, but the price subsequently rejected it, confirming a local top rather than a new bull market.

Regarding the current signal in May 2026, analysts believe Bitcoin is no longer behaving as a deep bear market asset, and the recovery of the 30-day moving average indicates improving market momentum. However, several other market indicators are showing signs of fatigue, making this signal less clear than classic early cycle confirmations. Analysts tend to believe this is more likely a local top than the start of a new bull market, unless the price subsequently confirms this move strongly.