Although whether it is a bull market or not is not important, from the perspective of economic cycles, it does not belong to the traditional bull market. This has little to do with Bitcoin's rise from $16000 to $100000. The main factors of a bull market are: 1. An environment of loose monetary policy 2. Near zero low interest rates 3. Quantitative easing and/or balance sheet expansion 4. The economy is in a positive development stage 5. The decline of the US dollar index 6. Government policy stimulus The essence of these six measures is to stimulate liquidity, which means that there is sufficient "water" in the market, rather than a decrease in funds. At the same time, due to the decline of the US dollar index, more investors will increase their risk appetite and be willing to invest in a high-risk asset. And zero interest rates are often accompanied by abundant liquidity and policy easing, such as expanding the balance sheet, so the stimulus to the risk market is significant at this time, such as in 2021, which is an unprecedented large-scale easing. This has driven the overall rise of US stocks and cryptocurrencies. I know many people disdain reading lengthy articles and think that nothing is empty talk, but in reality, this is economics. It may be obscure and go against some physical sensations, but it is indeed the case. As for whether it is a bull market or not, I don't mean it. Just judge for yourself. If you think it is, then it is not. It has nothing to do with me. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex