Bitcoin Supply Indicator Shows First Buy Signal... Could Bottom and Rally in July?

Bitcoin's supply indicator has generated its first buy signal since November 2022, suggesting potential for a bottom near 2026's bear market low. However, Coin Telegraph notes the price may not have reached its bottom yet. Analyst Axel Adeluga Junior highlighted that the 'Advanced Net UTXO Supply Ratio' indicator rebounded after four years of negative values, crossing key thresholds in late June and early July. While the signal does not confirm a bear market bottom, it may indicate a cyclical low. The indicator's positive trend with price support suggests a potential rally, though further declines could signal a negative scenario. Remaining variables include the supply in loss positions, which have not yet reached previous bear market levels. Adeluga predicts the 90-day SMA of this supply could approach reversal targets within two months. Darkpost also linked the UTXO supply indicator to a potential market turning point, suggesting the bear market's end may be near with a bottom forming in Q3.