Bitcoin (BTC) price metrics show relief this month, but analysts warn the risk of a repeat of the 2022 bear market persists.
Key points:
– Bitcoin’s Bull Score Index (BSI) combined price metric is at its highest since October 2025.
– Analysts caution the rally may be temporary, pointing to how 2022 unfolded.
– Crypto sentiment is the most bullish since January, per the Crypto Fear & Greed Index.
Bitcoin Bull Score Index exits “bearish” zone
Onchain analytics firm CryptoQuant’s data highlights the Bitcoin Bull Score Index. With BTC pushing toward $78,000, the BSI has moved into “neutral” territory, reaching levels not seen since October 2025.
The BSI aggregates nine price metrics to give an overall view of market performance. Since this bear cycle began it had been sharply bearish, mirroring conditions seen in the early stages of the 2022 downturn.
“First time in this bear market that the Bull Score Index enters neutral zone (50),” CryptoQuant contributor Julio Moreno wrote on X.
Moreno warned that the relief might be short-lived: the Bull Score briefly hit neutral in March 2022 before the price resumed its decline. If history repeats, attention will focus on the Index’s trajectory through the April monthly close as BTC/USD attempts to break out of its multi-month range.
CryptoQuant contributor Arab Chain described last week’s BSI reading, when price was around $74,000, as indicating “a balance between supply and demand forces.” They noted the market remains far from strong optimism (BSI above 60) while also clear of extreme pessimism (well below 40), placing the market in a transitional phase as investors wait for new catalysts.
Sentiment edges to most bullish since January
Trader sentiment also shows improvement. The Crypto Fear & Greed Index, a lagging indicator combining several measures of market mood, rose to 32/100 — the least negative reading since mid-January, though still in the “fear” zone. The index nearly tripled in a little over a week, up from “Extreme Fear” at 23 the prior week.
This move toward neutrality in both BSI and the Fear & Greed Index suggests tentative recovery, but analysts point out that similar short-lived recoveries occurred before the deeper 2022 drawdown, so caution remains.
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