Bitcoin Bull Market Gains Momentum with Bull Score at Highest Level Since October

CryptoQuant says Bitcoin has entered the initial phase of a new bull market after a 24% rally. The firm's Bull Score jumped to 80 from 30 over the past week, hitting its highest level since October 2025. Eight out of ten underlying indicators are now flashing bullish.

The shift is supported by accelerating spot demand and growing spot and futures demand together for the first time since early October 2025. However, CryptoQuant warns that the rally may be overheated in the short term due to rising trader profits and heavy profit-taking by whales.

Market strategist Joel Kruger pointed to the May 2026 high of $82,820 as a key level for Bitcoin. A clear break above this level would reinforce the view that a meaningful cycle low is now in place, shifting attention towards the next major move through $100,000 and the 2025 record high.

CryptoQuant noted that trader profits have climbed to 20.5%, their highest since June 2025. This has led to a decline in Bitcoin's price after reaching similar levels in early May. Whales also realized about $1.2 billion in profits between August 20 and 22, including a record $614 million on August 20.