Bitcoin enters ‘initial phase’ of new bull market, but $83K remains key: CryptoQuant

Bitcoin has moved into the early stage of a new bull market after a 24% price rally lifted several on‑chain and demand metrics into bullish territory, according to analytics firm CryptoQuant.

Bull Score surge signals bullish shift

The CryptoQuant Bull Score jumped from 30 to 80 in the past week, reaching its highest level since October 2025. Eight of the index’s ten underlying indicators are now showing bullish signals.

Key price level to confirm the trend

While Bitcoin briefly rose above $80,000, CryptoQuant notes that a weekly close above the 365‑day moving average—around $83,000—is required to confirm the transition to a sustained bull market.

Demand dynamics

Spot demand has accelerated, and for the first time since early October 2025, spot and futures demand are growing together, reinforcing the bullish outlook.

Potential short‑term turbulence

CryptoQuant warns that the rally may be overheating. Traders’ unrealized profit margins have climbed to 20.5%, the highest since June 2025, and short‑term holder whales realized about $1.2 billion in profits between August 20 and August 22, including a record $614 million on August 20.

Bitcoin deposits to exchanges also rose to roughly 53,000 BTC, the highest level since June, indicating increased selling pressure potential.

Current price context

At the time of writing, Bitcoin was trading around $79,000.