Bull Run

A bull run typically unfolds in identifiable phases rather than as a single straight climb. It starts with a quiet accumulation stage after a downturn, when prices stop falling and larger buyers begin building positions while public interest is still low. A breakout follows once resistance levels give way on rising volume, pulling in more participants and, usually, more capital flowing first into Bitcoin before spreading to Ethereum and smaller altcoins. Media coverage picks up, and each new high attracts fresh buyers who did not want to miss the earlier gains.

The final stretch is often euphoric: prices move sharply within days, risk management gets ignored, and speculative tokens with little fundamental backing can post outsized gains purely on momentum. This is the stage most associated with FOMO, where late entrants buy near the top. Eventually early holders and institutions begin taking profits, supply outpaces new demand, and the rally loses steam, often marking a fresh all-time high before reversing.

Historically, bull runs have coincided with Bitcoin halving cycles, though the link has weakened as the market matures. The 2024-2025 cycle showed this shift clearly: the launch of U.S. spot Bitcoin ETFs in January 2024, ahead of that April's halving, brought sustained institutional inflows and pushed Bitcoin to a new all-time high above $126,000 in October 2025, a milder percentage gain than the 2013 or 2017 runs but with notably lower volatility throughout.

Because gains can be rapid and reversals sharp, traders generally treat a bull run as a period for disciplined position sizing rather than unchecked buying.