In the past decade, the cryptocurrency market has experienced three complete cycles of bull and bear phases.

Now entering 2025, the market is heating up again, with Bitcoin approaching its historical highs multiple times, and the entire cryptocurrency ecosystem is more active than ever. Many are asking again: Is this bull market real, or just a bubble? What stage are we really in?

Bitcoin's halving every four years, will the bull market arrive as expected?

The core mechanism of Bitcoin determines that it possesses an "economic rhythm"—halving every four years, with a bull market peak arriving 12-18 months after each halving. Looking back at the previous three rounds:

*2013 Bull Market: Rose from $10 to $1,000;

*2017 Bull Market: Rose from $1,000 to $20,000;

*2021 Bull Market: New high reached $69,000;

*April 2024 Halving to 2025: This is indeed the expected window for the bull market explosion.

From this perspective, 2025 is likely to be the main battleground for a new round of major bull markets.

Bitcoin is gradually becoming a "global safe-haven asset."

This bull market is not solely driven by cycles; more importantly, it is influenced by dramatic changes in the international situation and global landscape:

1. The credit of the dollar system is overdrawn, and capital is seeking an exit.

U.S. debt has surpassed $25 trillion, fiscal deficit reports, and long-term currency overproduction have shaken global confidence. More and more institutions are beginning to see Bitcoin as digital gold, hedging against systemic risks.

2. Intensifying geopolitical winds.

The Ukraine crisis, Middle East conflicts, and tensions in the Asia-Pacific region... Traditional assets are facing regulatory and blocking risks, while cryptocurrency assets have the natural advantages of "decentralization and free cross-border movement," becoming an important vehicle for capital transfer.

3. Influx of institutional and ETF funds.

Starting in 2024, Wall Street giants like Blackstone and Fidelity have officially launched Bitcoin ETFs, with traditional financial capital continuously pouring into the market, making it no longer a bull market dominated by retail investors, but rather an "institutional-level bull market."

Under regulation, enthusiasm remains high.

Although China has strict restrictions on crypto trading, investor enthusiasm is still soaring:

- More and more funds are participating in trading through overseas platforms;

- New concepts such as Web3, AI + Crypto, RWA are continuously breaking boundaries;

- Project parties are paying more attention to compliance and technological implementation, making the ecosystem more diverse.

This bull market emphasizes the combination of "value and narrative" rather than pure speculation.

Do you think 2025 is really the "fourth major bull market in the cryptocurrency space"? Will you choose to get on board, or observe rationally?