📊 How long can this round of the bull market last in 2025?
Exploring the future of the crypto market from three dimensions: historical cycles, macro environment, and capital structure.
I am Ah Liang, a trader who has been paying attention to crypto assets for a long time.
Recently, the most common question I receive is:
👉 "What stage is the current bull market in? How much longer can it last?"
This question can essentially be approached from three angles:
Historical Cycles — The time span and patterns of BTC and ETH's past bull and bear cycles;
Macro Environment — The evolution of Federal Reserve policies, global liquidity, and risk appetite;
Capital Structure — Changes in institutional funds, retail participation, and emerging capital inflows.
