The Bitcoin bull-bear market cycle indicator has flipped bullish once again after briefly signalling bearish conditions when Bitcoin's price dipped below $50,000 on August 5, 2024. This drop, referred to by some as "Crypto Black Monday," was the first time Bitcoin fell below $50,000 since February. However, Bitcoin quickly rebounded, trading above $60,000 by August 8. CryptoQuant's founder, Ki Young Ju, noted that most on-chain cyclical indicators have returned to signalling a bull market, suggesting that the recent dip may have been a bear trap. At the time of reporting, Bitcoin is trading at $60,732​.