CryptoQuant says Bitcoin has entered initial phase of new bull market

CryptoQuant reports that Bitcoin has entered the initial phase of a new bull market based on on-chain indicators. Key signals include shrinking exchange reserves and net accumulation, which reduce available sell-side supply and point to growing demand. The implication for Bitcoin is increased upward price pressure and a higher probability of sustained appreciation, though being in an early stage leaves the market exposed to volatility and potential pullbacks.