Bitcoin has been through some wild rides since 2009. From hitting $1,200 back in 2013 to nearly $20,000 in 2017, and then touching over $93,000 in late 2024—the story of Bitcoin bull runs is basically a story of how digital assets captured mainstream attention. But what exactly is a crypto bull run, and why do these cycles keep repeating?
Understanding Crypto Bull Runs: More Than Just Price Going Up
A bull run in cryptocurrency is essentially a sustained period of rapid, upward price movement driven by strong investor sentiment and specific market catalysts. Unlike traditional stock markets, crypto bull runs can deliver explosive gains—think 700%, 1,900%, or even higher—but they’re also more volatile and unpredictable.
The defining characteristics of a bull run include:
Heightened Social Media Activity: Discussions, tweets, and community engagement explode across platforms
Rising Wallet Activity: More investors accumulating assets signals growing confidence
Positive Market Sentiment: A general belief that prices will continue climbing
Right now, Bitcoin sits at $92.99K with a 1.52% gain in the last 24 hours, while its all-time high stands at $126.08K. This current positioning matters because it shows the market is still digesting how far we’ve come.
The Four Major Bitcoin Bull Runs That Shaped Crypto
2013: Bitcoin’s First Breakout
The 2013 bull run was Bitcoin’s debut on the world stage. Starting from around $145 in May, Bitcoin exploded to nearly $1,200 by December—a staggering 730% increase. This wasn’t just price movement; it was the moment Bitcoin stopped being a tech curiosity and became something investors actually talked about.
What drove this? The Cyprus banking crisis of 2013 made people realize Bitcoin could serve as a hedge against traditional financial instability. Combined with growing media coverage and early adopter enthusiasm, the conditions were perfect for explosive growth.
But the story didn’t end there. The Mt. Gox exchange collapse in early 2014—which handled roughly 70% of Bitcoin transactions at the time—triggered a crash that sent Bitcoin plummeting to under $300, a 75% drop. The lesson? Market infrastructure matters.
2017: When Retail Investors Found Bitcoin
The 2017 bull run is the one most people remember. Bitcoin went from $1,000 in January to nearly $20,000 by December—a mind-blowing 1,900% jump. Daily trading volumes soared from under $200 million to over $15 billion by year-end.
What made 2017 different? Three factors converged:
ICO Mania: Thousands of new cryptocurrency projects launched through Initial Coin Offerings, attracting millions of new investors who simultaneously discovered Bitcoin
Exchange Accessibility: User-friendly platforms made it easier for everyday people to buy crypto
Media Frenzy: Every major news outlet was covering Bitcoin, creating a feedback loop where hype drove price, and price drove more hype
The crash came just as fast. By December 2018, Bitcoin had fallen 84% from its peak, settling around $3,200. The volatility was brutal, but it also taught the market an important lesson about the dangers of retail-driven speculation.
2020-2021: Institutional Money Arrives
Here’s where everything changed. The 2020-2021 bull run wasn’t driven by retail FOMO—it was driven by serious institutional money treating Bitcoin as “digital gold.”
Bitcoin climbed from $8,000 in January 2020 to over $64,000 by April 2021 (a 700% gain), with a peak approaching $69,000 later that year. What shifted?
Major Companies Bought In: MicroStrategy accumulated over 125,000 BTC; other publicly traded companies followed suit
Institutional Infrastructure: Bitcoin futures approval in late 2020 opened doors for hedge funds and pension funds
Macro Backdrop: COVID-era stimulus and ultra-low interest rates made Bitcoin’s scarcity narrative irresistible
By 2021, institutional Bitcoin holdings exceeded $10 billion. This wasn’t speculation—it was capital allocation.
2024-2025: ETFs and the Halving Cycle
The current bull run has two major drivers: spot Bitcoin ETF approval and the April 2024 halving event.
In January 2024, the U.S. SEC approved the first spot Bitcoin ETFs. By November 2024, these ETFs had attracted over $4.5 billion in cumulative inflows, with BlackRock’s IBIT ETF alone holding over 467,000 BTC. All Bitcoin ETFs combined now hold over 1 billion BTC worth of institutional capital.
Bitcoin responded by surging from $40,000 at the start of 2024 to over $93,000 by November—a 132% gain in a single year. Current data shows Bitcoin trading at $92.99K with a 24-hour high of $93.39K and a low of $90.86K.
The halving is another crucial factor. Bitcoin’s supply increases at a fixed rate until a halving event occurs every four years, cutting the rate of new coin creation in half. Historically:
After the 2012 halving: 5,200% price increase
After the 2016 halving: 315% increase
After the 2020 halving: 230% increase
This scarcity mechanism keeps attracting investors looking for assets with fixed, predictable supply dynamics.
How to Spot a Bull Run Before It Gets Out of Hand
Identifying bull runs early requires watching multiple signals simultaneously:
Technical Indicators: The Relative Strength Index (RSI) above 70 typically signals strong buying momentum. During the 2024 rally, Bitcoin’s RSI surged well above 70, while prices broke above key 50-day and 200-day moving averages—classic bullish signals.
On-Chain Data: Track wallet activity, stablecoin inflows to exchanges, and declining Bitcoin reserves on trading platforms. These signals reveal whether accumulation is happening. In 2024, stablecoin inflows soared, indicating serious buying interest, while companies like MicroStrategy added thousands more BTC, reducing circulating supply.
Macroeconomic Context: ETF flows, regulatory approvals, and interest rate environments all matter. The 2024 bull run coincided with spot ETF approval, the April halving, and pro-crypto political sentiment.
Sentiment Metrics: Social media volume, Google search trends, and community engagement spike during bull runs. When normies start asking “should I buy Bitcoin?” at family dinners, you know something’s shifted.
Supply Shocks: Halving events reduce mining rewards, tightening supply. After each halving, scarcity eventually drives price appreciation as demand remains steady or grows.
Regulatory Breakthroughs: The 2024 spot ETF approval was massive because it removed friction for institutional capital. When governments signal openness rather than hostility, capital flows.
Institutional Adoption: As major companies and institutions move capital into Bitcoin, it signals confidence and opens new streams of demand. The shift from retail (2017) to institutional (2021-2024) changed everything.
Macroeconomic Pressure: Inflation concerns, currency devaluation, and economic instability push investors toward assets perceived as stores of value. Bitcoin benefits when traditional finance is under stress.
Technological Progress: Updates like the potential reintroduction of OP_CAT—a code upgrade that could enable Bitcoin Layer-2 solutions and DeFi applications—signal Bitcoin isn’t stagnant. If OP_CAT gets approved, Bitcoin could handle thousands of transactions per second, competing with Ethereum for DeFi activity.
The Risks Hidden Inside Bull Runs
Every bull run carries baggage:
Volatility and Corrections: Bitcoin can swing 10-20% in a single day. Retail investors who buy near peaks often panic-sell near bottoms, locking in losses.
Speculative Bubbles: FOMO-driven buying from inexperienced investors inflates prices unsustainably. The 2017 ICO boom and the 2018 collapse is textbook bubble behavior.
Regulatory Uncertainty: Governments can change policies overnight. Mining restrictions, exchange bans, or unfavorable tax treatment could trigger sudden sell-offs.
Macroeconomic Headwinds: Interest rate hikes, recessions, or geopolitical shocks can shift investor capital away from risk assets like Bitcoin.
Environmental Concerns: Bitcoin’s energy consumption remains controversial. ESG-focused investors may avoid it, and governments might impose restrictions.
Market Maturation: As Bitcoin’s market cap grows, percentage gains naturally shrink. The 1,900% returns of 2017 become harder as the asset scales.
Preparing for the Next Bull Run: A Practical Playbook
If you want to participate in Bitcoin’s next bull run without getting wrecked, here’s what matters:
1. Educate Yourself First
Read the Bitcoin whitepaper. Understand how halving works. Study what happened in 2013, 2017, and 2021. Look for patterns. Most investors chase bull runs without understanding what they’re buying—that’s a recipe for disaster.
2. Build a Real Investment Strategy
Define your goals, risk tolerance, and time horizon. Are you holding for 5 years or 5 months? How much can you afford to lose without panicking? A clear strategy prevents emotional decisions when prices surge or crash.
3. Diversify Beyond Bitcoin
Bitcoin is the largest cryptocurrency, but it’s not the only one. Consider exposure to Ethereum, other layer-1 blockchains, or traditional assets to cushion volatility. A balanced portfolio isn’t boring—it’s survival.
4. Use Proper Infrastructure
Choose exchanges with strong security, high liquidity, and good reputations
Enable two-factor authentication on all accounts
For serious holdings, use hardware wallets—they’re offline and way safer than exchange accounts
5. Stay Informed Without Obsessing
Follow reputable news sources. Track regulatory developments. Monitor ETF inflows. But don’t check prices every hour—that’s just anxiety.
6. Use Risk Management Tools
Set stop-loss orders to limit downside. Size positions appropriately. Don’t go all-in on a single asset, no matter how bullish you feel.
7. Prepare for Taxes
Cryptocurrency gains are taxable. Keep detailed transaction records. Understand your local tax code. Getting surprised by a tax bill is worse than missing a rally.
8. Understand Market Psychology
Bull runs attract FOMO, bears attract panic. Successful investors stick to their plan regardless of market sentiment. The hardest part of investing isn’t timing the market—it’s staying rational when everyone else is losing their mind.
Future Bull Runs: What’s Coming Next
Bitcoin’s next major bull run will likely be shaped by these developments:
Government Bitcoin Reserves: Senator Cynthia Lummis proposed the BITCOIN Act of 2024, which would have the U.S. Treasury acquire up to 1 million BTC over five years. If this passes, it signals governments treating Bitcoin as a strategic asset like gold. Bhutan already holds over 13,000 BTC through state-owned investments, while El Salvador has roughly 5,875 BTC. If major countries follow, demand will skyrocket.
New Financial Products: More crypto ETFs, mutual funds, and derivative products will keep attracting institutional capital. The easier it is for traditional investors to access Bitcoin, the more capital flows in.
Regulatory Clarity: As frameworks mature, conservative institutions that were waiting on the sidelines will enter. Regulatory certainty is bullish.
Bitcoin Layer-2 Scaling: If OP_CAT gets approved, Bitcoin could handle DeFi applications natively. This would expand Bitcoin’s use cases beyond “digital gold” and potentially trigger demand from yield-seeking investors.
Continued Halving Cycles: Bitcoin’s fixed supply of 21 million coins means scarcity only increases. Every four years, the halving cuts issuance by 50%. As we approach final halving cycles, scarcity could become an even more powerful narrative.
The Bottom Line: When’s the Next Bull Run?
Bitcoin’s history suggests bull runs come in waves, typically every 2-4 years, often tied to halving events and shifts in capital flows. The current 2024-2025 rally is unfolding in real-time, with Bitcoin at $92.99K (up 1.52% in 24 hours) and room to test higher levels given the ETF inflows and halving aftermath.
Exact timing is impossible to predict, but you can prepare by:
Understanding how past cycles unfolded
Tracking key catalysts like ETF flows, regulatory news, and macro trends
Building a disciplined investment strategy
Managing risk ruthlessly
Staying informed without getting swept up in hype
Bitcoin’s cyclical nature—driven by technological progress, regulatory evolution, and shifting investor interest—suggests it will remain a transformative asset. Whether you’re a long-term believer or a shorter-term trader, the next bull run will test your conviction and your strategy. The investors who win aren’t those who time the market perfectly—they’re the ones who stay calm, think clearly, and execute their plan when opportunity arrives.
Watch the catalysts. Stay prepared. And remember: bull runs are exciting, but the real money is made by those who can sit still and not panic.
What Is a Bull Run in Crypto? Bitcoin's Journey Through Market Cycles and What's Next
Bitcoin has been through some wild rides since 2009. From hitting $1,200 back in 2013 to nearly $20,000 in 2017, and then touching over $93,000 in late 2024—the story of Bitcoin bull runs is basically a story of how digital assets captured mainstream attention. But what exactly is a crypto bull run, and why do these cycles keep repeating?
Understanding Crypto Bull Runs: More Than Just Price Going Up
A bull run in cryptocurrency is essentially a sustained period of rapid, upward price movement driven by strong investor sentiment and specific market catalysts. Unlike traditional stock markets, crypto bull runs can deliver explosive gains—think 700%, 1,900%, or even higher—but they’re also more volatile and unpredictable.
The defining characteristics of a bull run include:
Right now, Bitcoin sits at $92.99K with a 1.52% gain in the last 24 hours, while its all-time high stands at $126.08K. This current positioning matters because it shows the market is still digesting how far we’ve come.
The Four Major Bitcoin Bull Runs That Shaped Crypto
2013: Bitcoin’s First Breakout
The 2013 bull run was Bitcoin’s debut on the world stage. Starting from around $145 in May, Bitcoin exploded to nearly $1,200 by December—a staggering 730% increase. This wasn’t just price movement; it was the moment Bitcoin stopped being a tech curiosity and became something investors actually talked about.
What drove this? The Cyprus banking crisis of 2013 made people realize Bitcoin could serve as a hedge against traditional financial instability. Combined with growing media coverage and early adopter enthusiasm, the conditions were perfect for explosive growth.
But the story didn’t end there. The Mt. Gox exchange collapse in early 2014—which handled roughly 70% of Bitcoin transactions at the time—triggered a crash that sent Bitcoin plummeting to under $300, a 75% drop. The lesson? Market infrastructure matters.
2017: When Retail Investors Found Bitcoin
The 2017 bull run is the one most people remember. Bitcoin went from $1,000 in January to nearly $20,000 by December—a mind-blowing 1,900% jump. Daily trading volumes soared from under $200 million to over $15 billion by year-end.
What made 2017 different? Three factors converged:
The crash came just as fast. By December 2018, Bitcoin had fallen 84% from its peak, settling around $3,200. The volatility was brutal, but it also taught the market an important lesson about the dangers of retail-driven speculation.
2020-2021: Institutional Money Arrives
Here’s where everything changed. The 2020-2021 bull run wasn’t driven by retail FOMO—it was driven by serious institutional money treating Bitcoin as “digital gold.”
Bitcoin climbed from $8,000 in January 2020 to over $64,000 by April 2021 (a 700% gain), with a peak approaching $69,000 later that year. What shifted?
By 2021, institutional Bitcoin holdings exceeded $10 billion. This wasn’t speculation—it was capital allocation.
2024-2025: ETFs and the Halving Cycle
The current bull run has two major drivers: spot Bitcoin ETF approval and the April 2024 halving event.
In January 2024, the U.S. SEC approved the first spot Bitcoin ETFs. By November 2024, these ETFs had attracted over $4.5 billion in cumulative inflows, with BlackRock’s IBIT ETF alone holding over 467,000 BTC. All Bitcoin ETFs combined now hold over 1 billion BTC worth of institutional capital.
Bitcoin responded by surging from $40,000 at the start of 2024 to over $93,000 by November—a 132% gain in a single year. Current data shows Bitcoin trading at $92.99K with a 24-hour high of $93.39K and a low of $90.86K.
The halving is another crucial factor. Bitcoin’s supply increases at a fixed rate until a halving event occurs every four years, cutting the rate of new coin creation in half. Historically:
This scarcity mechanism keeps attracting investors looking for assets with fixed, predictable supply dynamics.
How to Spot a Bull Run Before It Gets Out of Hand
Identifying bull runs early requires watching multiple signals simultaneously:
Technical Indicators: The Relative Strength Index (RSI) above 70 typically signals strong buying momentum. During the 2024 rally, Bitcoin’s RSI surged well above 70, while prices broke above key 50-day and 200-day moving averages—classic bullish signals.
On-Chain Data: Track wallet activity, stablecoin inflows to exchanges, and declining Bitcoin reserves on trading platforms. These signals reveal whether accumulation is happening. In 2024, stablecoin inflows soared, indicating serious buying interest, while companies like MicroStrategy added thousands more BTC, reducing circulating supply.
Macroeconomic Context: ETF flows, regulatory approvals, and interest rate environments all matter. The 2024 bull run coincided with spot ETF approval, the April halving, and pro-crypto political sentiment.
Sentiment Metrics: Social media volume, Google search trends, and community engagement spike during bull runs. When normies start asking “should I buy Bitcoin?” at family dinners, you know something’s shifted.
Why Bull Runs Keep Happening: The Catalysts
Bitcoin bull runs don’t appear randomly. They’re triggered by specific, identifiable catalysts:
Supply Shocks: Halving events reduce mining rewards, tightening supply. After each halving, scarcity eventually drives price appreciation as demand remains steady or grows.
Regulatory Breakthroughs: The 2024 spot ETF approval was massive because it removed friction for institutional capital. When governments signal openness rather than hostility, capital flows.
Institutional Adoption: As major companies and institutions move capital into Bitcoin, it signals confidence and opens new streams of demand. The shift from retail (2017) to institutional (2021-2024) changed everything.
Macroeconomic Pressure: Inflation concerns, currency devaluation, and economic instability push investors toward assets perceived as stores of value. Bitcoin benefits when traditional finance is under stress.
Technological Progress: Updates like the potential reintroduction of OP_CAT—a code upgrade that could enable Bitcoin Layer-2 solutions and DeFi applications—signal Bitcoin isn’t stagnant. If OP_CAT gets approved, Bitcoin could handle thousands of transactions per second, competing with Ethereum for DeFi activity.
The Risks Hidden Inside Bull Runs
Every bull run carries baggage:
Volatility and Corrections: Bitcoin can swing 10-20% in a single day. Retail investors who buy near peaks often panic-sell near bottoms, locking in losses.
Speculative Bubbles: FOMO-driven buying from inexperienced investors inflates prices unsustainably. The 2017 ICO boom and the 2018 collapse is textbook bubble behavior.
Regulatory Uncertainty: Governments can change policies overnight. Mining restrictions, exchange bans, or unfavorable tax treatment could trigger sudden sell-offs.
Macroeconomic Headwinds: Interest rate hikes, recessions, or geopolitical shocks can shift investor capital away from risk assets like Bitcoin.
Environmental Concerns: Bitcoin’s energy consumption remains controversial. ESG-focused investors may avoid it, and governments might impose restrictions.
Market Maturation: As Bitcoin’s market cap grows, percentage gains naturally shrink. The 1,900% returns of 2017 become harder as the asset scales.
Preparing for the Next Bull Run: A Practical Playbook
If you want to participate in Bitcoin’s next bull run without getting wrecked, here’s what matters:
1. Educate Yourself First
Read the Bitcoin whitepaper. Understand how halving works. Study what happened in 2013, 2017, and 2021. Look for patterns. Most investors chase bull runs without understanding what they’re buying—that’s a recipe for disaster.
2. Build a Real Investment Strategy
Define your goals, risk tolerance, and time horizon. Are you holding for 5 years or 5 months? How much can you afford to lose without panicking? A clear strategy prevents emotional decisions when prices surge or crash.
3. Diversify Beyond Bitcoin
Bitcoin is the largest cryptocurrency, but it’s not the only one. Consider exposure to Ethereum, other layer-1 blockchains, or traditional assets to cushion volatility. A balanced portfolio isn’t boring—it’s survival.
4. Use Proper Infrastructure
5. Stay Informed Without Obsessing
Follow reputable news sources. Track regulatory developments. Monitor ETF inflows. But don’t check prices every hour—that’s just anxiety.
6. Use Risk Management Tools
Set stop-loss orders to limit downside. Size positions appropriately. Don’t go all-in on a single asset, no matter how bullish you feel.
7. Prepare for Taxes
Cryptocurrency gains are taxable. Keep detailed transaction records. Understand your local tax code. Getting surprised by a tax bill is worse than missing a rally.
8. Understand Market Psychology
Bull runs attract FOMO, bears attract panic. Successful investors stick to their plan regardless of market sentiment. The hardest part of investing isn’t timing the market—it’s staying rational when everyone else is losing their mind.
Future Bull Runs: What’s Coming Next
Bitcoin’s next major bull run will likely be shaped by these developments:
Government Bitcoin Reserves: Senator Cynthia Lummis proposed the BITCOIN Act of 2024, which would have the U.S. Treasury acquire up to 1 million BTC over five years. If this passes, it signals governments treating Bitcoin as a strategic asset like gold. Bhutan already holds over 13,000 BTC through state-owned investments, while El Salvador has roughly 5,875 BTC. If major countries follow, demand will skyrocket.
New Financial Products: More crypto ETFs, mutual funds, and derivative products will keep attracting institutional capital. The easier it is for traditional investors to access Bitcoin, the more capital flows in.
Regulatory Clarity: As frameworks mature, conservative institutions that were waiting on the sidelines will enter. Regulatory certainty is bullish.
Bitcoin Layer-2 Scaling: If OP_CAT gets approved, Bitcoin could handle DeFi applications natively. This would expand Bitcoin’s use cases beyond “digital gold” and potentially trigger demand from yield-seeking investors.
Continued Halving Cycles: Bitcoin’s fixed supply of 21 million coins means scarcity only increases. Every four years, the halving cuts issuance by 50%. As we approach final halving cycles, scarcity could become an even more powerful narrative.
The Bottom Line: When’s the Next Bull Run?
Bitcoin’s history suggests bull runs come in waves, typically every 2-4 years, often tied to halving events and shifts in capital flows. The current 2024-2025 rally is unfolding in real-time, with Bitcoin at $92.99K (up 1.52% in 24 hours) and room to test higher levels given the ETF inflows and halving aftermath.
Exact timing is impossible to predict, but you can prepare by:
Bitcoin’s cyclical nature—driven by technological progress, regulatory evolution, and shifting investor interest—suggests it will remain a transformative asset. Whether you’re a long-term believer or a shorter-term trader, the next bull run will test your conviction and your strategy. The investors who win aren’t those who time the market perfectly—they’re the ones who stay calm, think clearly, and execute their plan when opportunity arrives.
Watch the catalysts. Stay prepared. And remember: bull runs are exciting, but the real money is made by those who can sit still and not panic.