$BTC
BITCOIN | CryptoQuant: "Early Bull" since March 2023*
*1. WHAT HAPPENED*
The CryptoQuant bull-bear cycle indicator switched to *"Early Bull"* for the first time since March 2023.
Article date: *12/05/2026*. BTC price at the time: *$80,768*.
*2. WHAT IS THIS INDICATOR*
It's a proprietary dashboard from CryptoQuant that classifies the market into 4 phases:
*Deep Bear → Late Bear → Early Bull → Full Bull*
It uses various on-chain data together: accumulation, exchange flow, holder behavior, stablecoin ratios.
*3. WHAT "EARLY BULL" MEANS*
According to the article, it's a *transition phase*.
In other words: by the model's criteria, the worst of the bear market is over, but it's not yet a "confirmed bull market with broad participation".
It's the start of recovery, not the peak of euphoria.
*4. WHY MARCH 2023 MATTERS*
It was the last time the signal appeared. It stayed *2 years without triggering*.
Rare signal = analysts give it more weight. It didn't trigger during the rallies and drops that happened since 2023.
This suggests that the model only activates when multiple criteria align.
*5. LIMITATIONS MENTIONED IN THE TEXT ITSELF*
1. *It's not a price target* nor a trade signal.
2. *The formula is not public.* You can't replicate it without access to CryptoQuant.
3. *Doesn't guarantee repetition.* Just because it marked "Early Bull" in March 2023 doesn't mean the market will behave the same now.
4. *It's just 1 data point.* Needs confirmation from other indicators.
*6. ANOTHER DATA POINT CITED*
*Low exchange stablecoin ratios* = additional confluence for "early bull" according to the analyst.
Low stablecoins on exchanges generally mean less immediate buying power sitting around, but also less selling pressure.
_Educational material based on the CryptoQuant article from 12/05/2026. This is not investment advice. BTC carries high risk and volatility.
BITCOIN | CryptoQuant: "Early Bull" since March 2023*
*1. WHAT HAPPENED*
The CryptoQuant bull-bear cycle indicator switched to *"Early Bull"* for the first time since March 2023.
Article date: *12/05/2026*. BTC price at the time: *$80,768*.
*2. WHAT IS THIS INDICATOR*
It's a proprietary dashboard from CryptoQuant that classifies the market into 4 phases:
*Deep Bear → Late Bear → Early Bull → Full Bull*
It uses various on-chain data together: accumulation, exchange flow, holder behavior, stablecoin ratios.
*3. WHAT "EARLY BULL" MEANS*
According to the article, it's a *transition phase*.
In other words: by the model's criteria, the worst of the bear market is over, but it's not yet a "confirmed bull market with broad participation".
It's the start of recovery, not the peak of euphoria.
*4. WHY MARCH 2023 MATTERS*
It was the last time the signal appeared. It stayed *2 years without triggering*.
Rare signal = analysts give it more weight. It didn't trigger during the rallies and drops that happened since 2023.
This suggests that the model only activates when multiple criteria align.
*5. LIMITATIONS MENTIONED IN THE TEXT ITSELF*
1. *It's not a price target* nor a trade signal.
2. *The formula is not public.* You can't replicate it without access to CryptoQuant.
3. *Doesn't guarantee repetition.* Just because it marked "Early Bull" in March 2023 doesn't mean the market will behave the same now.
4. *It's just 1 data point.* Needs confirmation from other indicators.
*6. ANOTHER DATA POINT CITED*
*Low exchange stablecoin ratios* = additional confluence for "early bull" according to the analyst.
Low stablecoins on exchanges generally mean less immediate buying power sitting around, but also less selling pressure.
_Educational material based on the CryptoQuant article from 12/05/2026. This is not investment advice. BTC carries high risk and volatility.