Bitcoin is sending an unprecedented technical signal since the start of this bear market. CryptoQuant's Bull Score index has just crossed the threshold of 50, finally leaving the red zone to enter neutral territory. Is this the start of a real turnaround, or simply a respite before a new fall?
In brief
- Bitcoin's Bull Score Index rose back to 50, entering the neutral zone for the first time since the bear market began.
- CryptoQuant measures this index using 10 key indicators covering network activity, liquidity and investor profitability.
- In March 2022, a similar passage into the neutral zone preceded a resumption of the decline a few days later.
Bitcoin Bull Score Index Rises to 50
Julio Moreno, head of research at CryptoQuant, published a notable analysis on X on April 22. His observation is clear: for the first time since the start of this bear market, the Bitcoin Bull Score index rose to 50, crossing the border between the bearish zone and the neutral zone.
A figure that deserves attention. The index does not only measure price, it aggregates ten distinct metrics: network activity, investor profitability, liquidity, technical and fundamental signals. Reaching 50 means that about half of these signals have become “constructive” again. In other words, the overall picture is improvingeven if it remains incomplete.
Moreno, however, tempers the enthusiasm without delay. He points to a troubling precedent: in March 2022, the Bull Score had already touched this neutrality threshold for a week, before the market resumed its fall. History doesn't always repeat itself, but it warns.
Because the real bullish zone, according to the CryptoQuant framework, only begins from 60. As long as the index remains below, bitcoin moves in a delicate in-between: more frankly bearish, but not yet clearly a buyer.
A context that cautiously encourages optimism
However, the current context differs from 2022 on one essential point. In mid-2025, bitcoin was trading well above $120,000, with a Bull Score regularly anchored above 60. The deterioration then came, gradually: at the end of 2025, then at the beginning of 2026, prices slipped towards $60,000 and the index followed, plunging to its lowest levels of the cycle.
Since April, the tide has turned. Bitcoin rises towards $78,000 and the Bull Score returns to neutrality at the same time. This convergence is not trivial, it reflects a real improvement in underlying market conditions, even if they do not yet justify a crossed buy signal.
Grayscale goes even further in its optimism. In a note published on April 21, 2026, the firm says that bitcoin's bottom was likely already hit in February, somewhere between $65,000 and $70,000.
Its key argument: the realized price of recent buyers is around $74,000. These investors are no longer underwater. They have regained balance, and this detail often changes the dynamics of a market. When weak hands stop losing, the selling pressure naturally calms down.
Neutral does not mean bullish. But after months of red, it's a first concrete step towards the exit. The Bull Score at 50, combined with bitcoin which is regaining color above $78,000, outlines a less fragile market structure. Will the index cross the threshold of 60 permanently, or will it fall again as in March 2022? The coming weeks will provide the answer.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
