Bull market

A bull market is a sustained period of rising prices and optimism. In equities, a common rule of thumb is a rise of 20% or more from a recent low. Crypto has no single official definition, but bitcoin bull markets have historically involved multi-fold gains over one to two years.

Bull markets bring rising trading volumes, heavy media coverage, many new token launches and growing use of leverage. Late in the cycle, prices of speculative tokens can rise far faster than fundamentals justify, and that froth is often followed by sharp corrections.

Nobody reliably knows when a bull market will end. Indicators such as sentiment gauges, funding rates in derivatives markets and distance from the previous all-time high are sometimes used as context, but none of them predict tops.