Analyst: Crypto market remains in bear cycle, bull phase signals lacking

The cryptocurrency market remains in a typical bear cycle, and it is too early to discuss a shift to a bull phase, according to on-chain analyst Crypto Dan. He pointed to negative funding rates in the futures market as evidence of bearish sentiment. The analyst explained that a transition to a bull cycle would require a strong rebound from current levels without another major correction, a development for which he sees no current signs. He added that the 2022 bear market bottom was followed by a significant shock before the cycle turned bullish. While the market is clearly in an undervalued zone based on its cycle, Dan concluded that there are not enough signals to confirm the start of an upward trend.