Is This the End of the Crypto Bull Market History Says No

Coin Realm News reports:
As cryptocurrency holders panic over the market’s recent downturn, if this bull market cycle is similar to the previous two, the market may take a breather during the rise, which could be comforting.
During the bull markets of 2017 and 2021, Bitcoin experienced 8 and 6 pullbacks, respectively. We define a pullback as a drop of 20% or more within 30 days.
If we believe we are currently in a bull market, and the cycle began in March 2024 when we broke the previous historical high, then so far, we have undergone two adjustments. This means there could be more downturns, but it also means the peak has not yet arrived.
Bitcoin fell 7% this week to $56,600, and Ethereum plummeted 12% today to $2,980. Other tokens suffered similar fates, with Notcoin depreciating by a third in the past seven days, trading at $0.01, and Dogecoin falling to $0.10, losing 17%.
These heartbreaking price fluctuations most recently occurred today on Mount Gox. Even the most experienced traders are eager to exit.
“There’s an elevator up for Bitcoin, and stairs down” is a common saying that helps people remember on days like today. However, despite enthusiasts claiming the bull market is over, pullbacks are a normal and natural part of every upward cycle.
2017 Bull Market
Between 2016 and 2017, Bitcoin soared from $1,000 to a high of $19,800 in just ten months.
However, during the same period, Bitcoin’s price experienced six double-digit pullbacks. In fact, most of these pullbacks were close to 40%—a reminder that these are not the most painful we’ve seen in modern history compared to the current monthly 21% decline troubling Bitcoin and Ethereum.
2021 Bull Market Cycle
The 2021 cryptocurrency bull market followed a similar pattern.
After falling below $10,000, the price began to rise in July 2020. By the end of the year, it had broken the previous historical high, and the bull market was unanimously considered to have arrived.
During the process of Bitcoin’s price reaching a new historical high of $67,000, it experienced several declines. This includes a significant 50% drop in mid-2021 and more than six double-digit declines.
However, after notorious cryptocurrency figures like SBF, Do Kwon, Kyle Davies, and Su Zhu rang the near-death knell, token prices have rebounded.
Mature Market
Despite the specter of figures like SBF continuing to haunt cryptocurrencies, the market has matured.
Now, we have traditional financial giants buying and holding Bitcoin—BlackRock and ten other Bitcoin ETF providers hold over 4% of the network’s 21 million supply. Ethereum’s own ETF is about to debut, and analysts expect it to be approved on July 8.
With some of the world’s most important investors backing the asset, cryptocurrency use cases are surging. The tokenization of real-world assets is happening at an astonishing rate, the world’s largest institutions are experimenting with crypto payments, and more cryptocurrencies are being adopted in every region of the world.
But even as the cryptocurrency market has matured, some traders have painfully witnessed that it is still not immune to volatility.