A bull market is recognised by a pattern rather than a threshold: prices trending higher over months, declines that stop short of previous lows, volume expanding into strength, and rising participation from people who were not trading before. In crypto it has usually meant Bitcoin leading first, with capital rotating outward into smaller assets as confidence builds.
The label is applied with hindsight and it is worth treating it that way. Bull markets contain sharp drawdowns that feel like the end and are not, and they end during broad optimism rather than during fear. Using it as a description of what has happened is reasonable; using it as a forecast is not.
How do you know a bull market has started?
Only afterwards, with confidence. The observable signs — higher lows, expanding volume, widening participation — describe a trend already underway rather than predicting one.
Last updated October 17, 2026