The debate over Bitcoin’s next major move intensified today after Coin Bureau shared a new CryptoQuant chart suggesting that the world’s largest cryptocurrency may be entering a bearish phase. The post, titled “Is the Bitcoin Bull Run Fading?”, highlighted that the market’s momentum could be waning just as traders had embraced the so-called “Uptober” narrative.
Bitcoin’s Bull-Bear Indicator Flashes Warning
The chart posted by Coin Bureau featured CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator, a model that tracks cyclical transitions between bullish and bearish phases. Historically, when the metric dips below zero, as it has recently, it has preceded periods of cooling momentum or broader market corrections.
The indicator shows Bitcoin moving out of the “bull” zone and edging closer to the “bear” threshold, a signal that aligns with softening sentiment across derivatives and ETF markets. CryptoQuant analysts suggest that such shifts often reflect profit-taking and weakening inflows, especially after prolonged rallies.
Coin Bureau noted that the data may mark the start of a structural slowdown, stating that Bitcoin could be “entering a bearish phase, signaling potential trouble ahead.”
Glassnode Sees Key Support Zone in Play
On-chain analytics platform Glassnode offered a more neutral take, identifying a crucial support level around the 0.85 cost-basis band, a long-term indicator representing the average price paid by holders. In its latest update, Glassnode said Bitcoin has “reclaimed” this zone, framing it as a pivotal area that could determine whether momentum rebuilds or fades.
“If buyers can hold this zone, momentum can rebuild from here,” Glassnode stated. “But lose it again, and the market likely revisits lower territory.”
Market at a Crossroads
At present, Bitcoin’s price action remains tightly range-bound, reflecting a market caught between early profit realization and long-term accumulation. With ETF outflows, rising volatility, and traders paying up for downside protection, sentiment has clearly shifted from euphoria to caution.
Whether this marks the end of Bitcoin’s 2025 bull leg or merely a mid-cycle reset will depend on how long it can maintain support above its realized cost basis. As Coin Bureau’s post hinted, “So much for Uptober.”