The current trends in the cryptocurrency market captivate countless investors. As Bitcoin breaks through the historical high of $97,000 in May 2025, market sentiment becomes extremely polarized: some believe this is the 'last carnival' of the bull market, while others firmly believe in the 'perpetual bull market.'
This article will comprehensively analyze the current market stage and potential future direction from the perspectives of historical cycles, market signals, institutional movements, and technical indicators.
#加密市场回调 1. Historical cycle perspective: The patterns and variables of bull-bear alternation.
According to the Bitcoin halving cycle pattern, halving events (block rewards halving) are usually seen as catalysts for the start of a bull market. Historically, the 12-18 months following a halving have been peak periods for bull markets, such as the peaks in 2017 (18 months after halving) and 2021 (14 months after halving) conforming to this pattern. After the fourth halving in May 2024, 2025 is highly likely to be at the climax stage of the bull market cycle.