Bitcoin Bulls Hold Breath as $83,000 Price Target Looms

CryptoQuant, an on-chain analytics firm, claims Bitcoin has entered the early stages of a new bull market. However, they are cautious and refuse to declare it official until the price surpasses $83,000.

The Bull Score, which CryptoQuant uses to track market health, jumped from 30 to 80 in just one week - its highest since October 2025. This rapid increase is attributed to a nearly 25% price surge over ten days, with Bitcoin briefly touching $81,000 before settling at around $79,000.

CryptoQuant highlighted two catalysts for the sudden rise: the U.S. Treasury's plan to double its bond buybacks and President Donald Trump's comments suggesting the government may purchase BTC.

While this is a strong signal of buying activity, CryptoQuant warned that the market may be 'overheated' in the near term. Unrealized profit margins have climbed to 20.5%, which often prompts investors to cash out their gains and add selling pressure.