PANews reported on May 19 that according to Matrixport analysis, the bull and bear market indicator of Bitcoin's market capitalization to realized market capitalization has re-entered the bullish zone. This on-chain data reversal is typically rare, with direction changes occurring only within a few weeks. A similar situation occurred in 2020, which was considered a mid-cycle slowdown.
Analysts point out that the current indicator's positive change may signal that Bitcoin is expected to reach a new all-time high. Although technical analysis and market outlook usually lead on-chain data, the emergence of confirmatory indicators still holds significant reference value. If this indicator can maintain positive momentum, Bitcoin's price may further break through.
