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The massive surge in Bitcoin’s price since April 2026 is still being viewed by CryptoQuant as part of a broader bear-market phase, despite some market experts suggesting the rebound could mark the start of a new bull run. CryptoQuant’s unrealized profit data indicate that current levels are not close to typical bull-market conditions. The platform also warns that as BTC rises, increased selling pressure could threaten the rally and potentially lead to a price breakdown.
Bitcoin’s rally to $82,000 on May 6 came after the asset first broke above $81,000 on May 5 and then moved toward $82,000 the following day, only to face rejection. CryptoQuant’s Head of Research, Julio Monero, said the move could be prompting investors to take profits, which may add volatility to BTC’s price action.
Monero also attributed the price surge since April to easing macroeconomic pressures and an earlier undervaluation that kept Bitcoin’s price depressed through January to March 2026. He added that a sharp increase in demand for perpetual futures has helped support BTC’s rise, suggesting that a significant portion of buying may be driven by leveraged traders rather than new spot accumulation.
Despite the upward price movement, CryptoQuant noted that social and whale sentiment remains in the “Fear” territory.
Monero flagged downside risk by citing Bitcoin’s 30-day realized profit, which is reported as over 20,000 BTC. He said this figure remains far from the 130,000 to 200,000 BTC range typically seen during bull markets. In his view, the gap implies the market could still face additional downside.
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