Bitcoin has entered the early stages of a new bull market after a 24% rally pushed key onchain and demand indicators into bullish territory, according to crypto analytics firm CryptoQuant — though the firm cautions that a decisive weekly close above $83,000 is still needed to confirm the shift.

Bull Score at Highest Level Since October 2025

CryptoQuant's Bull Score index jumped to 80 from 30 over the past week, its highest level since October 2025, with eight of the index's ten underlying indicators now flashing bullish. Bitcoin climbed above $80,000 during the rally before settling back to trade around $79,000.

The firm said the shift has been supported by accelerating spot demand, with spot and futures demand growing together for the first time since early October 2025.

Confirmation requires a weekly close above Bitcoin's 365-day moving average, currently around $83,000, according to CryptoQuant.

Analysts Watch $82,820

LMAX Group market strategist Joel Kruger pointed to the May 2026 high of $82,820 as the next important level. "A clear break above that level would reinforce the view that a meaningful cycle low is now in place and shift attention towards the next major move through $100,000 and, ultimately, the 2025 record high," Kruger said.

The rally has been amplified by record spot ETF demand. US Bitcoin exchange-traded funds added $338 million in the latest session, extending a six-day inflow streak that has reached $2.26 billion.

Warning Signs Beneath the Surface

Despite the bullish signals, CryptoQuant warned the rally may be overheated in the short term:

  • Unrealized profits: Traders' unrealized profit margins have climbed to 20.5%, the highest since June 2025. The firm noted that Bitcoin fell about 30% after the metric reached 19% in early May, when BTC traded near $82,000.
  • Whale profit-taking: Short-term holder whales realized approximately $1.2 billion in profits between August 20 and August 22, including a record single-day $614 million on August 20 as Bitcoin traded near $78,000–$79,000.
  • Exchange inflows: Bitcoin deposits to exchanges climbed to roughly 53,000 BTC, the highest since June, signaling more coins are moving onto trading platforms where they could be sold.

The combination suggests that while the structural picture has improved, the path higher may be choppy in the near term as short-term holders lock in gains from the fastest leg of the rally.