Bitcoin (BTC) Begins Q4 2025 in a Familiar Bullish Setup: CryptoQuant

On-chain data shows that Bitcoin (BTC) is expected to start Q4 2025 under conditions similar to those a year ￰0￱ to a recent CryptoQuant report, its Bull Score Index has remained between 40 and 50, matching the range seen at the end of Q3 ￰1￱ is worth noting that this range is considered a threshold zone, with levels above 50 marking a clear shift to bullish ￰2￱ fact, when BTC broke past that point in October 2024, it went on to surge from $70,000 to $100,000 for the first time in its ￰3￱ Pressure Builds As the new quarter begins, several indicators now point to a supportive environment. A recent CryptoQuant report highlights rising Bitcoin demand, steady stablecoin liquidity, and fewer unrealized gains among market participants, which can limit selling ￰4￱ key driver of this environment is spot demand, which has been increasing since July and now stands at a monthly pace of more than 62,000 ￰5￱ expansion is considered a necessary condition for rallies, and it was also present in late 2020, 2021, and ￰6￱ the spot market, large wallets are also contributing to the ￰7￱ holdings are rising at an annual pace of 331,000 BTC, up from 255,000 during Q4 2024 and 238,000 at the start of Q4 ￰8￱ stands in sharp contrast to 2021, when whale balances fell by about 197,000 ￰9￱ data suggests accumulation remains firmly above trend and far from contraction ￰10￱ whale activity, institutional demand through the U.

S.-based ETFs could also prove influential in the months ￰11￱ the same quarter last year, ETFs increased their holdings by 213,000 coins, equal to a 71 percent ￰12￱ Level to Watch The on-chain report suggests that inflows similar to, or larger than, past cycles are possible if conditions align in ￰13￱ movements would add to the already strong base of demand across whales and spot ￰14￱ this favorable setup, Bitcoin has not yet triggered a ￰15￱ notes that the key level to watch is the Trader’s On-chain Realized Price, currently around $116,000. Crossing above that threshold would return the apex coin to the “BULL” phase of the Bull-Bear Cycle Indicator.

On-chain models place the next potential range between $160,000 and $200,000 if momentum builds