PANews reported on May 19 that according to Matrixport analysis, the bull-bear market indicator of the ratio of Bitcoin market value to realized market value has re-entered the bullish zone. This reversal of on-chain data is usually rare, and the direction changes only within a few weeks. A similar situation occurred in 2020, which was considered a mid-cycle slowdown.

Analysts pointed out that the positive changes in the current indicators may indicate that Bitcoin is expected to reach a new historical high. Although technical analysis and market outlook are usually ahead of on-chain data, the emergence of confirmation indicators is still of great reference value. If the indicator can continue to maintain positive momentum, the price of Bitcoin may break through further.