CryptoQuant's Bitcoin Bull-Bear Market Cycle Indicator has turned green for the first time since March 2023, suggesting a potential shift towards an 'early bull' market. This change, observed on May 12, 2026, follows a 35% recovery in Bitcoin's price from its February low of approximately $60,000. Despite this positive signal, Bitcoin remains below the $80,000-$82,000 resistance range. Historically, the indicator's green signal has preceded significant price rallies, such as the 17-month climb to Bitcoin's all-time high of $108,000 in October 2025. However, past instances, like the March 2022 signal, have shown that macroeconomic factors can still impact market trends, urging caution among investors.