The Narrative Shift: Why "Perpetual Bull" Has Become "Slow Bull"

The crypto community’s language reveals a lot about market psychology. A few years ago, during the 2021 boom, the phrase on everyone’s lips was “no bear market exists”—the market would climb forever. We all know what happened next: 2022 delivered a brutal reality check, forcing that narrative to collapse entirely.

Now we’re hearing something different. Instead of claiming an endless bull run, market participants are increasingly framing things as a “slow bull market,” with institutional backing supposedly acting as a floor beneath prices. But the repackaging of language doesn’t necessarily mean a repackaging of outcomes.

Understanding Market Cycles: The Historical Pattern

History offers a clear lesson: bull and bear markets follow cyclical patterns. They don’t coexist indefinitely. What changes isn’t whether downturns happen, but rather how severe they become. Looking back at previous cycles, each Bitcoin bear market has consistently declined less dramatically than its predecessor—the drops follow a diminishing curve of volatility.

This pattern suggests that while pullbacks are inevitable and should be treated as buying opportunities, the next bear phase is not a question of if, but when. According to this cyclical framework, the current bull run has room to extend further before the inevitable correction arrives.

The Bottom Line: Where the Next Drop May Find Support

If we extrapolate this trend forward, the anticipated bottom during the next bear market would likely settle around the 70,000 level. This figure represents not just a number, but a reflection of how institutional participation and network maturity have fundamentally altered Bitcoin’s price floors over time.

In essence, the switch from “perpetual bull” to “slow bull” is simply how the market adapts its language when previous claims prove false. But the underlying cycle remains unchanged.