Bitcoin enters early stage of new bull market, analyst says

On-chain analyst Julio Moreno said Bitcoin’s market trend has shifted into a bull phase, with most indicators pointing to the early stage of a new upcycle. Moreno said two factors still warrant caution. For the bull market to be officially confirmed, Bitcoin needs to break above its 365-day moving average, currently at $83,000. Moreno added that a price correction remains possible, given high unrealized profits after the recent surge and potential selling pressure from a sharp increase in exchange inflows. Even so, Moreno said the overall data still signals a highly positive outlook.