Bitcoin (BTC) is showing fresh signs of bullish momentum as a key on-chain indicator flashes a “golden cross” signal for the first time since 2023, raising expectations of a major price rally among crypto analysts.

According to analysts at CryptoQuant, Bitcoin’s Market Value to Realized Value (MVRV) ratio is close to forming a bullish crossover with its 200-day exponential moving average (EMA), a pattern historically linked with strong upward price trends.

CryptoQuant analyst CW8900 described the development as a “trend reversal signal” and a bullish indicator that has previously preceded significant Bitcoin rallies.

The last major MVRV golden cross appeared after the 2022 market bottom and was followed by a 90 percent surge in Bitcoin’s price during early 2023. Another bullish crossover in late 2023 preceded a rally that eventually pushed Bitcoin to its all-time high of $126,000 in October 2025.

Analysts believe the latest signal indicates that Bitcoin may have fully shifted back into a bullish market structure.

Bitcoin recently climbed to around $83,000, improving profitability for short-term holders and boosting confidence among traders. Market data also suggests BTC could potentially move toward the “heated” short-term holder cost basis zone near $92,000, with some analysts projecting further upside toward $104,000 if momentum continues.

Technical analysts say Bitcoin is currently testing a critical resistance level near its 200-day moving average around $82,500. A successful breakout above this level could confirm the end of the multi-month downtrend and trigger a fresh bull run.

Crypto analyst Shib Spain stated that Bitcoin’s breakout above a long-term downtrend line, combined with a bullish MACD crossover, signals that “the bull run is just getting started.”

Another analyst, Moustache, pointed to Bitcoin’s market capitalization and RSI rebounding from multi-year support levels, arguing that the cryptocurrency market could be preparing for another major expansion phase.

Several market analysts are now forecasting a possible “supercycle” rally, with long-term price targets ranging between $180,000 and $250,000, driven by growing institutional investment and strengthening technical indicators.