CryptoQuant Declares New Bitcoin Bull Market Requires Key Price Threshold

CryptoQuant says Bitcoin has entered a new bull market, but confirmation depends on a close above its 365-day moving average. The firm's Bull Score climbed from 30 to 80 in a single week, making it its most bullish reading since October 6, 2025, when BTC traded at $124,000.

Eight of CryptoQuant's 10 valuation metrics now register as bullish, and apparent spot demand is expanding at its fastest monthly pace since late December. Spot and futures demand are also growing together for the first time since early October 2025.

However, some signs suggest caution: long-term holders have started distributing their Bitcoin, with analyst Darkfost finding their supply turned net negative in August. Meanwhile, STHs (short-term holders) have been taking profits, with the amount of bitcoin-native sent by STH surpassing 60,000 BTC on August 20th.

According to Glassnode, if the price falls, weakness would first show at the $70,000 short-term holder cost basis, followed by a floor between $62,000 and $65,000 held by recent buyers who funded the move.