Permabull

Permabull is a portmanteau of "permanent" and "bull" used for an investor, trader, or commentator whose outlook stays unconditionally optimistic no matter what the market actually does. The label originated in traditional finance, where it was often aimed, sometimes mockingly, at Wall Street strategists who kept forecasting gains straight through downturns. Economist Ed Yardeni is one of the best-known examples: he has openly embraced the nickname, arguing that betting on rising markets has paid off more often than not over the past several decades.

In crypto, a permabull interprets almost every headline, whether it's regulatory pressure, an exchange collapse, or a sharp price drop, as ultimately a reason prices will go higher. During the prolonged 2018 crash and again through 2022, permabulls kept insisting recovery was imminent while Bitcoin and altcoins kept sliding, and were eventually proven right when new bull markets followed. That track record is part of why the stance persists: crypto's cycles have historically rewarded patience more than panic, even though individual permabulls can be wrong for years at a time.

The downside is a loss of objectivity. A permabull may ignore genuine warning signs, refuse to take profits, or add to losing positions purely out of conviction rather than analysis. The term is often paired with its opposite, the permabear, and is now used across crypto social media both as a criticism of blind optimism and, self-deprecatingly, by traders who admit they simply cannot stay bearish for long.