CryptoQuant Head of Research Julio Moreno contrasted Bitcoin (CRYPTO: BTC) (CRYPTO: BTC) crossing above $80,000 in September versus May, noting much stronger fundamentals today.
Bulls Are Back?
Moreno highlighted on X that Bitcoin’s Bull Score Index has risen to 80, flashing “Extra Bullish” sentiment. Back in May, at the same price, the score was only 50 and labeled “Neutral.”
The Bull Score Index measures Bitcoin’s overall market cycle phase and ranges from 0 to 100. Scores above 60 are seen as bullish, indicating sustainable upward momentum and favorable market conditions.
The composite indicator measures network demand, stablecoin liquidity and trader profit margins to determine the scores.
Bitcoin Rebounds in Style
Bitcoin has surged 14% over the past week, hitting a seven-month high of $87,000, as broader cryptocurrency sentiment improved on the SEC’s push to build a regulatory framework for cryptocurrencies.
Strategy Inc.’s (NASDAQ:MSTR) latest Bitcoin purchase following a nearly month-long buying pause also contributed to the rally.
The surge galvanized institutional demand as U.S. spot Bitcoin exchange-traded funds pulled in $998.95 million on Monday, their largest single-day inflow in 11 months.
CryptoQuant founder Ki Young Ju noted that Bitcoin reclaimed the 365-day moving average at $83,000 and now sits above $84,000, a level widely watched as the line separating the bear market from the bull market.
Odds for $100,000 Spike
Cryptocurrency analyst Kevin Capital, however, does not expect Bitcoin to move straight up, adding that a run toward $93,000-$100,000 could set up a correction.
Polygon (CRYPTO: POL)-based Polymarket now sees a 42% chance that Bitcoin will top $100,000 before the year ends, up from 16% the week before.
Price Action: As of this writing, BTC is up 1.20% in the last 24 hours to $86,483.14, according to Benzinga Pro.
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