CryptoQuant's Bitcoin Bull-Bear Cycle Indicator has turned green, signaling an 'Early Bull' phase for the first time since March 2023. This shift suggests a potential transition in Bitcoin's market cycle, as the indicator, based on the P&L Index, moves above its 365-day moving average. Historically, such a phase has often preceded bullish trends, although past instances have also seen false signals. The indicator had previously been in 'Bear' territory following a price crash in February, but recent market stability and price recovery have prompted the shift. As of now, Bitcoin is trading at approximately $80,700, experiencing a slight 0.5% decline over the past 24 hours.