Bitcoin Bull Score Hits Six-Month High, but 2022 Bear-Market Fears Linger

On-chain analytics firm CryptoQuant’s Bitcoin Bull Score Index (BSI) combines nine price indicators to gauge the strength of the bitcoin market. A reading below 40 signals a bear market, while only a score above 60 indicates a strong bull market. The index has remained bearish for much of the current cycle, making its return to neutral territory an important signal in assessing whether the downturn may be ending.

On April 22, 2026, the BSI rose to 50, its highest level since October 2025, as bitcoin rebounded from nearly $60,000 to $78,000. CryptoQuant Head of Research Julio Moreno cautioned that the index also hovered around 50 for about a week in March 2022. Bitcoin rallied to nearly $48,000 at the time but still fell below $20,000 within months.