The report begins by exploring how to define bull and bear cycles in the cryptocurrency market.
Traditional stock markets often use a 20% rise or fall as a dividing line, but this metric is not sufficient in the more volatile crypto market. Bitcoin, for example, has been in a long-term uptrend despite a 20% drop in a week. In contrast, the 200-day moving average (200DMA) has proved to be a more effective tool - when prices consistently run below the average and show downward momentum, it can be considered a bear market characteristic