Although Bitcoin has continued to trade downwards, the world's largest crypto asset is showing signs that the market could be getting ready for another move higher.
Amid the inconsistent price moves, Cryptoquant analysts have shared onchain data that unveils a second early bullish signal appearing on its chart.
Bitcoin bottom soon?
The analyst revealed that Bitcoin's early bull signal has appeared for the second time in the cycle, which suggests that it could be preparing for a major price rally.
According to him, such a signal could not be overlooked as the pattern has previously appeared around Bitcoin's bottoming phases, before the asset moved into an uptrend.
Previously, the first Bitcoin early bull signal was followed by another decline. However, the second signal eventually emerged as the market was forming a bottom and preparing for a recovery.
As such, the analyst expressed belief that Bitcoin could be approaching its bottom again, especially now that the second early bull signal has reappeared.
