🚀#BitcoinUpdate 🌟

- Bitcoin Market Cycle Indicator Just Signaled Bear Phase After Japanese Rate Hike and Yen Strengthens.

- CryptoQuant's Julio Moreno Says This Is the First Time the Indicator Has Signaled Bear Since January 2023.

- The indicator has historically predicted past downturns like COVID-19, China's mining ban, and the 2021 bear market.

📊 CryptoQuant's Ki Young Ju recommends keeping an eye on the indicator for the next 2 weeks. If it doesn't change, it could signal a prolonged bear market.

💪 Ju is confident that BTC could hit a new 1-year high if it holds above $45,000.

💥 The market is in turmoil due to the Bank of Japan's rate hike, which has seen over $1 billion in liquidations, including $367 million in BTC and $350 million in ETH.

🤔 Traders are still debating whether this downturn is temporary or long-term. August and September are usually tough months for BTC.

💬 What do you think about the current situation? Share your thoughts! 👇

#Crypto#Blockchain#Finance#BTC #ETH