Bitcoin Up 6% In May: Is A 'God Candle' Coming?

Bitcoin (CRYPTO: BTC) climbed above $81,000, prompting speculation if there a sharp breakout could be on the cards.

‘Green Candle Therapy'

Crypto analyst Taiki Maeda said in his podcast on May 4 that Bitcoin may already have formed a market bottom and could be entering a phase of strong upward momentum driven by what he described as "green candle therapy," a rapid price surge that shifts market sentiment decisively bullish.

He argued that many early sellers have already exited the market, while sentiment remains cautious despite relatively stable price levels.

According to Maeda, this type of structure is often seen in early stages of broader uptrends, where fear persists even as prices begin to recover.

Maeda also dismissed the traditional four-year cycle framework as too simplistic, instead favoring a flow-based approach that focuses on capital movement and remaining market participants.

He said institutional buyers are gradually entering the market, while earlier bullish participants have largely capitulated.

Network Activity At Lows

Despite the price increase, data from Santiment indicates that Bitcoin network activity remains near two-year lows.

Daily transfer counts are reported at around 531,000, while new wallet creation stands at approximately 203,000, both significantly below prior cycle levels.

This divergence suggests that the recent rally is occurring without broad retail participation.

One interpretation is that the rally may be narrow in scope, driven by a smaller group of market participants, potentially making it more fragile.

Another view is that it reflects a quiet accumulation phase, where long-term holders and institutional investors are absorbing supply before broader market participation returns.

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