In the financial market, a bull run refers to a market trend where asset prices are generally rising continuously. This term originates from the action of a bull attacking by thrusting its horns upward, symbolizing the trend of prices moving upward. In the Crypto Assets field, a bull run usually means that mainstream coins (such as Bitcoin, Ethereum) and many altcoins show a prolonged rising trend, with optimistic market sentiment and active trading.
The corresponding bear market refers to a market phase where the market is generally bearish, and prices continue to decline. Both describe price trends and also reflect the overall sentiment and psychological changes of market participants.
Typical characteristics of a bull run
Identifying a bull run usually involves observing the following key characteristics:
- Prices continue to rise: overall market Price trend Upward, even if there are pullbacks along the way, it will not change the overall rising trend. For example, Bitcoin rose from 75,000 USD to 123,000 USD between April 9, 2025 and July 14, 2025, which reflects the characteristics of a bull run.
- Volume Expansion: The market is active with high investor participation, and the trading volume has significantly increased.
- Optimistic market sentiment: Investors are confident about the future market, willing to chase the rise and buy in, with FOMO (Fear of Missing Out) sentiment spreading.
- Positive economic and environmental factors: Macroeconomic environment, policy direction, or fundamental factors such as innovation in specific industries usually support the formation of a bull run.
The deep reasons for the formation of a bull run
The formation of a bull run is often the result of multiple factors working together:
- Macroeconomic factors: Global liquidity is abundant, and a low interest rate environment will reduce the cost of capital, prompting more funds to flow into high-risk, high-return Crypto Assets and other risk assets. The market generally expects the Federal Reserve to possibly cut interest rates in 2024 - 2025, which is seen as an important factor driving the potential bull run.
- Industry Innovation and Narrative-Driven: Every technological breakthrough or new concept in the crypto space can ignite market enthusiasm. Historically, ICOs in 2017, DeFi in 2020, and NFTs and GameFi in 2021 have led the bull run. In 2025, the fusion of AI and blockchain, as well as RWA (Real World Asset Tokenization), will become new narrative focal points.
- Periodic Events: The Bitcoin Halving event is an inherent important cycle in the encryption market. Historically, a significant pump tends to occur within 12 to 18 months after each halving. The halving in April 2024 also provides a basis for the expectations of a bull run in 2025.
- Funding and Institutional Drive: The emergence of more compliant financial products (such as Bitcoin spot ETFs and Ethereum ETFs) has facilitated the entry of traditional institutional funds, greatly boosting market confidence and liquidity.
- Market Sentiment and Human Nature: Market cycles are closely related to human greed and fear. After enduring a long bear market, investors are more likely to exhibit stronger speculative tendencies during a bull run.
How to determine if a bull run is coming?
To determine whether the market is in a bull run, the following methods can be referenced comprehensively, but it should be noted that no single indicator can be absolutely accurate, and multiple indicators should be analyzed together:
Technical Indicator Analysis:
- Moving Average (MA): For example, when the price firmly stands above the 200-day Moving Average (200MA), it is often regarded as an important technical signal of a bull run.
- MACD Indicator: When its line crosses upwards and continues to rise, it usually indicates that the pump momentum is strengthening.
- RSI Index: A Relative Strength Index above 50 usually indicates that bullish sentiment dominates the market.
- On-chain data and fundamentals: Pay attention to the number of active addresses, transaction volume, stablecoin inflow, changes in institutional holdings, and other data. These can reflect the actual usage of blockchain and the flow of funds.
Market Structure and Rotation: Crypto bull runs often exhibit a clear rotation effect:
- Bull Market: With a lower risk appetite for funds, Bitcoin usually rises first and takes the lead.
- In the bull market: Market confidence is increasing, and funds are starting to flow into mainstream altcoins like Ethereum, which could lead to a situation where "ETH leads the rise, BTC lags or follows."
- Bull Market: Market sentiment is euphoric, with funds flowing into high-risk small-cap altcoins, Meme coins, etc., leading to the so-called "Altcoin Season."
What stage is the current crypto market in?
As of early September 2025, market analysis suggests that the crypto market may be in the midst of a bull run.
The typical feature of this stage is that funds begin to flow from Bitcoin to mainstream altcoins like Ethereum. For example, from mid-July to the end of August 2025, Ethereum (ETH) performed strongly, breaking above $4000 from below $3000, while Bitcoin (BTC) exhibited a volatile trend within the range of $110,000 to $120,000 during the same period. This phenomenon of ETH rising significantly higher than BTC is consistent with the characteristics of historical bull market conditions.
At the same time, some emerging tokens and projects are also gaining attention. For example, the GATA token, which focuses on decentralized AI computing, is priced at $0.0368885 as of September 5, according to Gate data, with a 24-hour rise of 4.27%. The platform coin GT (GateToken) of Gate is closely related to the platform’s development, and its latest dynamics should be monitored.
Investors’ Considerations During a Bull Run
Even in a bull run, investment should remain rational:
- Don’t blindly chase highs: a bull run does not mean prices only rise without any dips; severe corrections often occur. Avoid impulsive investments driven by FOMO emotions.
- Good risk management: allocate assets reasonably, avoid excessive leverage to prevent liquidation during extreme volatility.
- Focus on long-term value: concentrate on projects that have real technology, applications, and ecological support, rather than just assets that hype concepts.
- Consider taking profits regularly: set reasonable profit targets and partially realize profits to make investments more secure.
Summary
In summary, a bull run is a financial term that describes a phase of sustained market rise and optimistic sentiment. It is driven by macroeconomics, industry innovation, capital flow, market cycles, and human nature. Identifying a bull run requires a comprehensive assessment of technical indicators, fundamental data, and market rotation structure to make judgments.
Despite the optimistic expectations for a Crypto Assets bull run in the market as of September 2025, the future remains full of uncertainties. As investors, it is essential to understand market cycles, maintain independent thinking, and manage risks, rather than blindly following market sentiment. Only in this way can we better seize opportunities and protect our assets amidst the market fluctuations.
