Bitcoin’s Ghosts: A Satirical Tale of Bulls, Bears, and the 50 SMA
The CryptoQuant Bull-Bear Market Cycle Indicator sits below zero, in bear phase, but never quite reaching the notorious Extreme Bear. This distinction matters more than it sounds, like a bureaucrat hiding a letter in the drawer labeled “Probably Nothing.” The indicator blends MVRV, NUPL, and SOPR against the 365-day average, and in the annals of history the deepest aisles of accumulation only unfurled when it ventured into Extreme Bear territory: maximum stress, compulsory selling, capitulation. None of that drama has occurred. The present reading is bear phase without full capitulation, which is just another way of saying the macro bottom remains unconfirmed, dear reader.




