Is The Bitcoin Bear Market Over? An Increasingly Strong Confluence of On-Chain/Technical Indicators Say Yes

cryptonews.com:

Six out of eight indicators watched by analysts at crypto data analytics platform Glassnode to identify when Bitcoin is transitioning out of a bear market are flashing bullish signals, and a seventh is likely to also soon turn green. Glassnode’s “Recovering from a Bitcoin Bear” dashboard of indicators seeks to help Bitcoin investors identify when the Bitcoin market is moving towards a healthier trend by watching a mixture of on-chain, technical and network fundamental indicators.

Historically, at least 5 of these indicators are flashing green when Bitcoin prices are rising. Meanwhile, when all eight indicators start flashing bullish signals, this has historically been a great buy signal. Conversely, when less than five of these indicators are flashing green, Bitcoin’s price is typically in a long-term decline. Light blue denotes time periods where at least five out of eight bullish conditions have been met. Dark blue denotes time periods when all eight are met.

Glassnode groups these indicators into four categories. The first is whether or not Bitcoin is trading above key Pricing Models – the 200-Day Simple Moving Average (SMA) and the Realized Price, which is an on-chain indicator that shows the mean price of when each Bitcoin on the network last moved (the average price wallets “paid” for their Bitcoins when they received them).

With Bitcoin’s 200DMA at around $19,600 and its Realized Price at around $19,800, Bitcoin recently broke back to the north of both of these key levels for the first time since December 2021. Both are thus flashing green.

The 30-Day SMA of New Addresses recently broke above its 200-Day SMA and is thus flashing green. This has historically occurred at the start of bull markets.

Meanwhile, the Revenue