Bitcoin’s monthly Fisher Transform has produced its fourth historical bottom signal, according to on-chain analyst Willy Woo, as the cryptocurrency fluctuated between $76,000 and $79,000 in recent days. Woo said the indicator’s previous three bottom signals did not result in false breakouts, but cautioned that the latest golden cross does not by itself confirm a trend reversal or constitute a direct buy signal. Bitcoin could trade sideways before continuing its current upward trend, and the indicator has previously turned bearish and then bullish again during bull markets without signaling that the broader trend had ended. Crypto analyst Murphy said interest-rate increases by the U.S. and Japanese central banks alone do not determine whether Bitcoin will re-enter a bear market. Murphy pointed to the pace of monetary tightening, market structure and investor positioning, noting that Bitcoin fell from about $41,000 to $15,800 during the Fed’s 425 basis points of increases in 2022, but rose during rate hikes in 2023 and from 2015 to 2017. Murphy said the current market more closely resembles early 2023, when inflation was falling, rate increases were shrinking and investors were pricing in the end of tightening.