【Bitcoin shows an early bull market signal for the second time—has the bottom been reached?】
CryptoQuant’s bull-bear cycle indicator shows that Bitcoin has displayed this cycle’s second “early bull market” signal. Historically, after the first signal, prices may still fall; the second signal, however, more often appears during the bottoming phase. As a result, the market is beginning to discuss whether BTC is getting close to the end of the bear market.
On the positive side, Bitcoin’s whale holdings have risen from around 2.87 million coins in December 2025 to 3.06 million, indicating that large capital is absorbing supply. If BTC can stabilize and stop its decline, it may also help reduce the downward pressure on altcoins such as
$ETH and $ADA .
However, this does not mean the bottom has been confirmed. When the same signal first appeared in May this year, $BTC was around $80,000, but prices later fell to the vicinity of $60,000. The current price is also still above the realized price of about $52,900, so there remains the possibility of another downward test.
Therefore, this looks more like the bear market may be moving into its later stage, rather than the bull market officially returning.
CryptoQuant’s bull-bear cycle indicator shows that Bitcoin has displayed this cycle’s second “early bull market” signal. Historically, after the first signal, prices may still fall; the second signal, however, more often appears during the bottoming phase. As a result, the market is beginning to discuss whether BTC is getting close to the end of the bear market.
On the positive side, Bitcoin’s whale holdings have risen from around 2.87 million coins in December 2025 to 3.06 million, indicating that large capital is absorbing supply. If BTC can stabilize and stop its decline, it may also help reduce the downward pressure on altcoins such as
$ETH and $ADA .
However, this does not mean the bottom has been confirmed. When the same signal first appeared in May this year, $BTC was around $80,000, but prices later fell to the vicinity of $60,000. The current price is also still above the realized price of about $52,900, so there remains the possibility of another downward test.
Therefore, this looks more like the bear market may be moving into its later stage, rather than the bull market officially returning.