Bitcoin's Bull Score Index Reaches Half-Year Peak Despite Lingering 2022 Bear Market Concerns
While Bitcoin's price indicators demonstrated widespread improvement throughout April, experts caution that patterns resembling the 2022 bear-market collapse remain a possibility.
The price indicators for Bitcoin (BTC) are demonstrating signs of recovery throughout this month, though the possibility of mirroring the 2022 bear market downturn continues to loom.
Key points:
- The Bull Score Index for Bitcoin, a combined price measurement tool, has climbed to its most elevated position since October of last year.
- Analysts caution that this recovery could prove temporary, drawing parallels to the 2022 bear market experience.
- According to the Crypto Fear & Greed Index, cryptocurrency market sentiment has achieved its most optimistic reading since January.
Bitcoin Bull Score Index exits the "bearish" territory
Fresh information provided by onchain analytics service CryptoQuant has brought attention to the Bitcoin Bull Score Index (BSI).
The latest BSI readings verify that Bitcoin has successfully transitioned into "neutral" status following its rally toward $78,000, with the Index achieving its most elevated reading since October 2025.
The BSI combines nine distinct price measurements to deliver a comprehensive overview of market performance. Throughout the duration of this bear market, readings have been decidedly bearish — mirroring patterns observed during the initial phase of the bear market that occurred four years prior.
"First time in this bear market that the Bull Score Index enters neutral zone (50)," commented CryptoQuant contributor Julio Moreno via an X post on Wednesday.
Moreno issued a warning that notwithstanding the current relief, the BSI experienced a similar temporary respite before the 2022 bear market's continuation.
"In March 2022, the Bull Score entered neutral territory for about a week, and then the price resumed its decline," he added.
If historical patterns emerge once again, focus will shift toward monitoring the Index's behavior leading up to the April monthly close, as BTC/USD works to escape from its extended multi-month trading range.
In an assessment of BSI measurements from last week, when the price hovered near $74,000, CryptoQuant contributor Arab Chain characterized it as a "balance between supply and demand forces."
"On the other hand, the current BSI reading shows that the market is still far from the area of strong optimism (above 60), which typically indicates strong bullish conditions, while also remaining above the zone of extreme pessimism (clearly below 40)," they wrote in a "QuickTake" blog post.
"This places the market in a transitional phase, as investors await new catalysts to determine the next direction."
Market sentiment climbs to most optimistic level since January
Additional indicators pointing toward a more comprehensive market recovery are emerging from cryptocurrency trader sentiment measurements.
Based on readings from the Crypto Fear & Greed Index, a well-established lagging indicator that utilizes multiple factors to gauge investor psychology, market conditions have reached their least pessimistic state since mid-January.
On Wednesday, Fear & Greed registered a reading of 32/100 — maintaining its position within the "fear" category while simultaneously moving closer to the "neutral" threshold, similar to the BSI.
Over the course of slightly more than a week, the Index value has experienced an almost threefold increase.
