Bitcoin Bull Run ‘Not There Yet,’ Warns CryptoQuant Founder
TL;DR
CryptoQuant founder Ki Young Ju states that Bitcoin is not yet in a bull run, as the Bull Score Index remains in neutral territory. The index, which uses ten metrics, indicates that bullish signals have not activated.
Key points
- CryptoQuant founder warns Bitcoin bull run signals are not active
- Bull Score Index remains in neutral territory
- Index uses ten metrics to assess market conditions
Mentioned in this story
CryptoQuantKi Young Ju
The founder of on-chain analytics firm CryptoQuant has highlighted how the signals related to a Bitcoin bull run haven’t switched on yet.
Bitcoin Bull Score Index Is Still Inside The Neutral Territory
In a new post on X, CryptoQuant founder Ki Young Ju has shared the latest trend in the Bull Score Index for Bitcoin. This on-chain metric combines the data of several different indicators to give a single score for the network.
More specifically, the index makes use of ten metrics. Some of the popular ones part of it include the MVRV Z-Score, Trader Realized Price, and Stablecoin Liquidity. The Bull Score Index calculates its value in a simple manner: it counts up the number of metrics flashing a bullish signal for the cryptocurrency and multiplies the total by 10.
When the indicator has a value greater than 60, it means more than six metrics are pointing to positive market conditions. Such a trend implies BTC may be in a bullish market phase. On the other hand, the index being lower than 40 suggests the majority of the indicators are bearish toward the asset.
Now, here is the chart shared by Young Ju that shows how the trend in the Bitcoin Bull Score Index has fluctuated over the last few years:
Looks like the metric has floated at neutral levels in recent days | Source: @ki_young_ju on X
As displayed in the above graph, the Bitcoin Bull Score Index spent its days inside the red territory during Q4 2025 and Q1 2026. This means that the market was in a bearish phase from the perspective of this index.
Recently, however, the recovery surge has meant that the indicator has experienced some days inside the neutral zone, corresponding to values between 40 and 60. The shift in the metric’s trend, though, may not correspond to the return of a bullish wave yet. “Once the real Bitcoin bull run begins, all signals will be very clear,” noted the analyst. “We are not there yet.” It now remains to be seen how long it will be before the Bull Score Index turns green for the cryptocurrency.
Q&A
What is the current status of the Bitcoin Bull Score Index?
The Bitcoin Bull Score Index is currently in neutral territory, indicating that bullish signals have not yet been triggered.
What metrics are used in the Bitcoin Bull Score Index?
The Bitcoin Bull Score Index uses ten metrics, including the MVRV Z-Score, Trader Realized Price, and Stablecoin Liquidity.
What does a Bull Score Index value below 40 signify?
A Bull Score Index value below 40 suggests that the majority of indicators are bearish toward Bitcoin.
