Bitcoin's Bear Market Cycle May Be in Mid-Stage, Analyst Suggests

CryptoQuant analyst Axel recently shared insights on the X platform, indicating that the NUPL-MVRV harmonic composite indicator has reached 0.33. According to PANews, historical data suggests that the bottom of market cycles typically occurs around the 0.5 range. The chart reveals an upward trend in the bear market cycle, suggesting that Bitcoin might be in the mid-stage of the current bear market cycle. This implies that extreme selling conditions are becoming more moderate. However, the indicator remains significantly above the historical bottom range, indicating that a full market sell-off has not yet been confirmed.