On May 19, Matrixport shared its market analysis, stating, "The market capitalization to realized market capitalization bull and bear indicator launched by Matrixport has re-entered the bullish zone. Although Matrixport's technical analysis and market prospects are usually ahead of on-chain data, seeing these confirmatory indicators is still very valuable.
It is worth noting that it is not common for on-chain indicators to reverse direction within just a few weeks. However, this is not unprecedented—a similar situation occurred in 2020, when Matrixport identified it as a slowdown phase in a cycle.
Considering the current transformation, if this indicator can maintain positive momentum, Bitcoin indeed has the potential to reach a new historical high point."
