The Bitcoin “bull-bear” indicator from the on-chain analytics firm CryptoQuant has recently flagged the cryptocurrency’s price to be “overheated.”
Bitcoin May Be Overheated According To This Indicator
As pointed out by CryptoQuant Head of Research Julio Moreno in a post on X, the BTC price has increased so fast that some on-chain indicators have started to signal a potential phase of overheating.
The first metric of interest here is the Bitcoin Bull-Bear Market Cycle Indicator made by the analytics firm that tracks the various phases of bull and bear markets.
Here is how the indicator has looked like over the past year:
As displayed in the above graph, Bitcoin has been inside the “bull” territory since the early part of 2023 and over the course of this run, the metric has hit “overheated bull” levels during a few different instances.
From the chart, it’s visible that such values of the indicator have previously coincided with some kind of top in the cr
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