Bitcoin Enters Initial Phase of New Bull Market: CryptoQuant

CryptoQuant's Head of Research Julio Moreno believes that Bitcoin has entered the initial phase of a new bull market. According to Moreno, Bitcoin's price rally since August 17, which stands at 24%, indicates a shift towards a bullish market regime.

The Bull Score, a metric used by CryptoQuant, jumped from 30 to 80 in one week, with eight out of ten underlying metrics now flashing bullish. This is a significant improvement and suggests that the market is moving in a positive direction.

One important aspect to consider is that Bitcoin still needs to cross above its 365-day moving average ($83K) before CryptoQuant considers the new bull market officially confirmed.