The bull and bear cycles of Bitcoin actually have some patterns to follow. The NUPL indicator is a good reference tool — when this data enters the red zone, it basically signals the arrival of a Bitcoin bear market; the orange zone is more subtle, often indicating an imminent trigger of a bear market or that the market is emerging from a bear phase; the yellow zone is considered a transitional area.

Based on the current data performance, we haven't crossed into the yellow zone threshold yet. What does this mean? To put it simply, I personally tend to believe that Bitcoin cannot yet be considered in a true bear market, at least not confirmed to have entered one. The indicator speaks, and the data proves it; we need to continue observing how this market trend unfolds.