Bull-Bear Market Cycle Indicator:

▪️The bull/bear market cycle indicator is a momentum metric.

▪️It measures the difference between the P&L Index and its 365-day moving average.

▪️Bull cycle - indicator above 0.

▪️Bear cycle - indicator below 0 and below its 365-day moving average.

▪️Most of the returns of bitcoin are made when the indicator is above 0 (bull market cycle).

▪️Prices enter into bear mode when the indicators switch from Bull to BEAR.