Bitcoin sentiment falls to 2023 low, but ‘risk on’ environment may emerge to spark BTC price rally

A Bitcoin sentiment metric fell to bear market lows this week, but clever counter-traders may interpret this as a risk-on, go-long opportunity for BTC.

Bitcoin (BTC) sits in one of its least bullish phases since January 2023. According to Bitcoin’s “bull score index,” investor sentiment is showing its lowest reading in two years.

Bitcoin bull score index. Source: CryptoQuant

CryptoQuant’s “Crypto Weekly Report” newsletter explained that “bull score index” readings that sit below 40 for extended periods increase the likelihood of a bear market. The bull score remained above 40 throughout 2024, only dipping below this threshold in February 2025, as identified in the chart above.

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