According to Cointelegraph citing CryptoQuant, Bitcoin has kicked off the “early phase” of a new bull market. Analysts at CryptoQuant point out that BTC’s 24% rally flipped a bunch of key market indicators into bullish territory. Still, the $83K level is the main line in the sand for what happens next, and increased profit-taking could stir up some short-term volatility.

CryptoQuant Spots Start of a Fresh Bull Phase

CryptoQuant says Bitcoin’s recent 24% surge has pushed major indicators into bull mode, signaling a shift in market sentiment toward the buyers. Calling it an “early phase” means the momentum is just starting to build, and the data is painting a generally positive outlook.

$83K: The Big Level to Watch

Even with indicators flipping bullish, $83K is still the key level everyone’s watching. CryptoQuant singles out this price as crucial for gauging how strong the current move really is.

Short-Term Risks: Profit-Taking on the Rise

With the rally heating up, profit-taking is picking up too, CryptoQuant warns. That could trigger some local volatility and short-term price swings, even if the overall indicator setup stays bullish.

This article is based on a Cointelegraph report referencing CryptoQuant’s analysis.