The crypto market moves in cycles — predictable, emotional, and often irrational. Yet within this repetition lies opportunity. For those who've lived through past downturns, the current bear market isn’t just a test of patience; it’s a rehearsal for the next bull run.
Now is the time to study, reflect, and prepare. Because when the momentum returns, the real gains go to those who understood the rhythm of the cycle.
The Feeling of Déjà Vu in Crypto
There’s a distinct sense of familiarity in today’s market — not just in price action, but in sentiment. Regulatory scrutiny, public skepticism, and the shift toward speculative token-hopping all echo previous bear markets.
If you’ve been in crypto since 2018 or earlier, you’ve likely felt this déjà vu. That’s not coincidence — it’s experience. And experience is one of the most valuable assets in this space.
Every bull and bear market has unique triggers, but the underlying patterns remain consistent: innovation emerges in silence, narratives build slowly, and new token models ignite explosive growth.
Understanding how past cycles unfolded can help us spot the early signs of the next upswing.
👉 Discover how early movers are positioning for the next crypto surge.
First Bull Run and Crash: 2017–2018
I entered crypto in late 2017, drawn by headlines of Bitcoin hitting record highs. Like many, I felt FOMO (fear of missing out) and bought in — and quickly doubled my money.
Confidence turned into overconfidence. I began chasing cheaper altcoins on exchanges like Gate.io, convinced I could spot the next big thing. My "research" consisted of reading whitepapers and — embarrassingly — choosing tokens based on logo colors.
Spoiler: I lost most of my investment.
None of those projects delivered real value. No working products. Just websites and promises.
This story is common among early adopters. Lack of experience, combined with greed and hype, leads to costly mistakes. Many leave crypto after such losses. But those who stay and learn turn pain into progress.
My curiosity about what went wrong became a driving force behind my deep dive into blockchain research.
Second Cycle: 2019–2020 — The Calm Before DeFi Summer
After the 2018 crash, crypto entered a quiet phase. Markets were flat. Innovation seemed stalled. But beneath the surface, infrastructure was being built.
I worked at a Korean exchange during this time, analyzing hundreds of tokens and learning how market makers operate. Yet externally, the ecosystem felt stagnant.
Sound familiar? That’s because today’s bear market mirrors that period in key ways:
- Regulatory crackdowns on ICOs (then in Asia, now in the West)
- Persistent claims that crypto is a scam or dead
- Growing institutional interest (Bitcoin ETFs now vs. early futures adoption then)
- Capital rotating between tokens without expanding total market value
- The ongoing wait for mass adoption
Back then, excitement was limited to IEOs and projects like EOS, which raised $4.2 billion but delivered little.
Then came Ampleforth (AMPL) — a token with elastic supply that rebased daily. It wasn’t just new; it challenged traditional ideas of monetary policy in crypto.
But the real game-changer was liquidity mining.
Protocols like Compound (COMP) and Balancer (BAL) began rewarding users with free tokens for providing liquidity. Then Yearn Finance (YFI) launched with no pre-mine — just rewards for early participants.
Suddenly, people were earning double-digit APYs while accumulating valuable governance tokens.
And then came SushiSwap, with its two-pool SUSHI mining model that resembled a Ponzi — only sustainable if new users kept joining.
Eventually, too many clones emerged. Capital fragmented. Yields dropped. Projects collapsed.
But from that chaos came a crucial lesson: innovative tokenomics can drive adoption — but only if usage grows alongside supply.
👉 See how new token models are reshaping crypto incentives today.
How Bull Markets Begin — And End
Bull runs don’t start with Bitcoin pumping. They start with narrative innovation and native capital recycling.
The pattern is clear:
- New financial primitives emerge (e.g., DeFi protocols)
- They distribute tokens via liquidity mining or airdrops
- Early adopters earn outsized returns
- Success stories attract outside attention
- New capital floods in, lifting Bitcoin and Ethereum
- Altseason begins
This cycle repeats — not because of fundamentals alone, but because crypto has its own printing press.
Unlike fiat printing by central banks, crypto’s inflation is protocol-driven: new tokens minted to incentivize behavior. Whether it’s staking rewards, liquidity mining, or airdrops, new money is constantly being created.
But when issuance outpaces incoming capital, the system collapses.
We saw it in 2017 with ICOs.
We saw it in 2020 with DeFi.
We saw it in 2021 with NFTs.
Each bubble burst when attention and funding couldn’t keep up with token supply.
Today’s market may be quiet, but new narratives are forming — ones that could trigger the next wave.
The Next Bull Run: New Stories, Same Mechanics
Before Bitcoin rallies, crypto-native innovation reignites.
Just as DeFi Summer preceded the 2021 bull market, we’re now seeing early signs of new cycles — built on re-staking and Bitcoin DeFi.
Re-Staking: The New Yield Frontier
EigenLayer leads this narrative by allowing Ethereum stakers to “re-stake” their ETH to secure other networks — earning extra yield in return.
This creates a new form of shared security, but also introduces new risks. To compensate, protocols issue new tokens — often with complex inflation schedules.
Already, projects like Stader’s rsETH offer liquid re-staking derivatives, enabling capital efficiency.
And it’s not just Ethereum. Cosmos’ Replicated Security lets ATOM stakers lend security to chains like Neutron.
Expect more chains to adopt re-staking — and for a wave of yield-chasing tokens to follow.
Bitcoin DeFi: Unlocking Trillions
Bitcoin has long been “digital gold” — but now it’s becoming programmable.
With Ordinals and Inscriptions, satoshis can carry unique data — turning BTC into NFTs and enabling new token standards like BRC-20.
But true DeFi requires smart contracts. That’s where Stacks comes in.
Stacks is a Bitcoin Layer-2 that executes smart contracts while settling on Bitcoin. Its upcoming sBTC will enable trust-minimized Bitcoin bridging — opening the door for lending, trading, and yield on BTC.
One standout project is Alex Lab, building an AMM-powered DEX and lending protocol on Stacks with native BRC-20 support.
With limited options for Bitcoin DeFi today, early platforms could capture massive share — just as Uniswap did on Ethereum.
When Will the Bull Market Return?
Two narratives stand out: re-staking and Bitcoin DeFi. Both combine compelling use cases with innovative tokenomics capable of generating hype and attracting capital.
But sustainability depends on external inflows. Without new money, even the best stories fade.
Currently, macro conditions are improving:
- Inflation and interest rates may have peaked
- Regulatory pressure is stabilizing
- Global liquidity could expand in late 2024
Historical cycles suggest a new all-time high for Bitcoin by late 2024 or early 2025, followed by a full altseason.
If this holds, the next bull run will begin not with price action — but with narrative building and token launches.
👉 Stay ahead of the next cycle with real-time market insights.
Frequently Asked Questions
Q: How do I know when a new bull market is starting?
A: Watch for rising institutional inflows, increasing on-chain activity, and viral narratives like re-staking or Bitcoin DeFi gaining traction before prices surge.
Q: Are all new token models Ponzi schemes?
A: Not inherently. Models that tie token value to real usage (e.g., governance, fees) can be sustainable. But if rewards rely solely on new users joining, it’s likely unsustainable long-term.
Q: Should I invest in re-staking or Bitcoin DeFi now?
A: These are high-potential areas, but carry technical and smart contract risks. Do your research, diversify, and avoid overexposure.
Q: How many crypto cycles should I experience before profiting?
A: Many believe it takes three cycles: first to learn, second to earn modest gains, third to achieve significant wealth. Experience builds timing intuition.
Q: What ends a bull market?
A: Typically, excessive speculation, over-issuance of tokens, macroeconomic shocks, or regulatory intervention. When hype outpaces utility, the correction follows.
Q: Is now a good time to buy?
A: During bear markets, focus on learning and accumulating high-conviction projects at lower prices — especially those enabling next-cycle narratives.
Now is not the time to exit — it’s time to study. The next bull run won’t reward the lucky; it will reward those who prepared while others waited.