Bitcoin’s remarkable rally from 2021 through 2025 has once again come under scrutiny, with analysts questioning whether recent price gains truly reflect a healthy bull market.
During the 2021 bull cycle, Bitcoin surged more than 1600% from its 2020 lows, supported by broad enthusiasm across the entire crypto market. However, analysts now argue that recent cycles lack that same depth of participation.
Benjamin Cowen recently explained that the earlier bull run was supported by strong market breadth — meaning altcoins and multiple crypto sectors rose together. In contrast, recent rallies have been dominated primarily by Bitcoin, with many altcoins failing to reclaim previous highs.
By late 2025, Bitcoin had peaked above $126,000, before retracing to the high-$80,000 to mid-$90,000 range. While regulatory optimism and institutional demand provided support, underlying market indicators continue to suggest caution.
With both market breadth and derivatives participation declining, experts believe the crypto market may still be searching for a truly sustainable bull trend.