#加密市场反弹#  Is the Bear Market Over or Just a Scam? Analysts Weigh In.

The cryptocurrency market turned green in the first week of May, but skepticism remains strong. Some believe that the current signals are a sign of a larger bullish cycle, with Bitcoin having broken a key psychological threshold.
However, others warn that temporary factors can skew the indicators. This article examines the arguments on both sides using on-chain data and historical patterns.
Is the Cryptocurrency Market Ready for a Bull Run?
The Bull-Bear Market Cycle Indicator is designed to identify bull and bear phases in the cryptocurrency market and has recently shown positive signs.
Since February 24, 2024, the indicator has been consistently indicating a bear market. However, in recent days, it has started to signal a potential reversal.
Still, the signal remains weak and uncertain. In mid-2024, this same indicator had led to misleading forecasts. The market moved sideways for a long time without forming a clear trend.
The analyst added observations using the 30-day and 365-day moving averages (30DMA and 365DMA) to clarify the bullish potential.
‘More importantly, the short-term moving average, the Bullish-Bearish 30DMA, has turned upwards. If this metric breaks above the Bullish-Bearish 365DMA, we could see parabolic rallies in Bitcoin again, as has happened in the past,’ Burakkesmeci said.
However, another analyst offered a more cautious perspective when examining the Growth Rate Indicator. This indicator evaluates the status of the Bitcoin market — bullish or bearish — by comparing Bitcoin’s Market Value and Realized Value.
The indicator noted that Bitcoin ($BTC) has returned to bullish territory as it reclaimed the critical $100,000 level.
Instead of predicting the end of the bear market and the beginning of a bull run, the analyst warned that this could be a false recovery triggered by special circumstances.
These special circumstances include Donald Trump signing a trade deal with the UK, which eased concerns about tariff shocks. Meanwhile, the Federal Reserve has maintained a cautious stance, leaving interest rates unchanged.
‘It is possible that traditional market dynamics will continue to deteriorate for some time, making the current environment particularly difficult to read,’ he said.
Another notable data point is the Crypto Fear & Greed Index. It has entered the ‘Greed’ zone, rising to 73 — a two-month high. This suggests that investor sentiment has shifted from caution to excitement.
However, high levels of “Greed” or even “Extreme Greed” often serve as warning signs. Historically, these levels have preceded major price corrections.