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

Bitcoin has entered the early stages of a new bull market after a 24% rally pushed key onchain and demand indicators into bullish territory, according to CryptoQuant.The analytics firm’s Bull Score jumped to 80 from 30 over the past week, hitting its highest level since October 2025 as eight of the index’s 10 underlying indicators now flashing bullish. Bitcoin (BTC) climbed above $80,000 during the rally, but CryptoQuant said a weekly close above its 365-day moving average, currently around $83,000, is needed to confirm the shift to a new bull market.The shift has been supported by accelerating spot demand, while spot and futures demand are growing together for the first time since early October 2025, CryptoQuant said.LMAX Group market strategist Joel Kruger also pointed to the May 2026 high of $82,820 as the next important level for Bitcoin.“A clear break above that level would reinforce the view that a meaningful cycle low is now in place and shift attention towards the next major move through $100,000 and, ultimately, the 2025 record high,” Kruger told Cointelegraph.At the time of writing, Bitcoin was trading around $79,000, according to CoinGecko data. Bitcoin Bull Score Index....