1/ There are 4 phases of a bull market. We just entered stage 2 🧵
Yano 🟪@JasonYanowitz
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Apr 24, 2025
~3 min read
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1/ There are 4 phases of a bull market.
We just entered stage 2 🧵
We just entered stage 2 🧵
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2/ Stage 1: Rebirth
The exhaustion from the bear market still exists.
Sparks of hope pop up, then fade. A few new narrative arise but are quickly killed by apathy.
Your friends and the media still focus on the bear market blowups.
All the while, prices are quietly recovering.
The exhaustion from the bear market still exists.
Sparks of hope pop up, then fade. A few new narrative arise but are quickly killed by apathy.
Your friends and the media still focus on the bear market blowups.
All the while, prices are quietly recovering.
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3/ Your investment down 90% in the bear just went up 5x. But you barely notice, you're still down 50% off the high.
Only the deepest crypto natives who have seen 2+ cycles realize that the bull market has begun.
Most people are still in disbelief that this is the bull market.
Only the deepest crypto natives who have seen 2+ cycles realize that the bull market has begun.
Most people are still in disbelief that this is the bull market.
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4/ Stage 2: Excitement
We are here now.
The bear market has officially ended. Your coins are nearing all time highs. Some have even blown past ATHs.
Everyone in crypto understands that we are officially in a bull.
But it's funny, your normie friends still aren't texting you.
We are here now.
The bear market has officially ended. Your coins are nearing all time highs. Some have even blown past ATHs.
Everyone in crypto understands that we are officially in a bull.
But it's funny, your normie friends still aren't texting you.
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5/ You're a weird combo of excited and anxious. Your stack is growing but you feel like you don't own enough coins.
Your company starts hiring; you start ordering guac at Chipotle again.
Life is good. All your crypto friends are winning.
This is the calm before the storm.
Your company starts hiring; you start ordering guac at Chipotle again.
Life is good. All your crypto friends are winning.
This is the calm before the storm.
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6/ Stage 3: Euphoria
Everything you own blows past ATHs. There used to be a new narrative every week, now there's a new one daily.
The private market get crazy.
VCs announce $500m funds. They skip DD and race to deploy.
Every week a new company announces their $100m raise.
Everything you own blows past ATHs. There used to be a new narrative every week, now there's a new one daily.
The private market get crazy.
VCs announce $500m funds. They skip DD and race to deploy.
Every week a new company announces their $100m raise.
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7/ We're mainstream again.
Forbes, Bloomberg, CNBC... they love crypto. Then weird things happen.
Fortune 500s buy Bitcoin. Athletes and artists get involved – crypto permeates mainstream culture.
Everyone starts to believe it’s going up forever; delusion seeps into decisions.
Forbes, Bloomberg, CNBC... they love crypto. Then weird things happen.
Fortune 500s buy Bitcoin. Athletes and artists get involved – crypto permeates mainstream culture.
Everyone starts to believe it’s going up forever; delusion seeps into decisions.
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8/ Stage 4: Disconnection
This stage could also be described as Insanity. Nothing makes sense anymore.
You have more money than you ever thought you'd have in your life.
Your friend, who knows nothing about crypto, launches a token. He's worth hundreds of millions overnight.
This stage could also be described as Insanity. Nothing makes sense anymore.
You have more money than you ever thought you'd have in your life.
Your friend, who knows nothing about crypto, launches a token. He's worth hundreds of millions overnight.
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9/ A crypto person buys a sports team.
Justin Bieber joins a decentralized social platform.
Crypto companies spend billions on marketing.
Unfortunately, none of it is real.
If you're not careful, your arrogance and laziness in this stage will cause for a tough next two years.
Justin Bieber joins a decentralized social platform.
Crypto companies spend billions on marketing.
Unfortunately, none of it is real.
If you're not careful, your arrogance and laziness in this stage will cause for a tough next two years.
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10/ So buckle up.
The next 18 months will be madness. You'll experience higher highs than you ever have before.
Make sure you take time to enjoy it every once in awhile.
When you get overwhelmed, step away from the computer, slow down, and go for a walk.
Now, let's build 🫡
The next 18 months will be madness. You'll experience higher highs than you ever have before.
Make sure you take time to enjoy it every once in awhile.
When you get overwhelmed, step away from the computer, slow down, and go for a walk.
Now, let's build 🫡
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11/ If you want my expanded thoughts on this, @santiagoroel and I are releasing an episode soon on @theempirepod
Subscribe below to listen.
Apple: apple.co/3srZf7M
Spotify: sptfy.com/8inF
YouTube: youtube.com/@empirepod
Subscribe below to listen.
Apple: apple.co/3srZf7M
Spotify: sptfy.com/8inF
YouTube: youtube.com/@empirepod
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12/ Also, this is much more enjoyable than the 3 phases of the bear market.
If you want to know what life is like on the other side of the bull, here you go:
If you want to know what life is like on the other side of the bull, here you go:
Yano 🟪@JasonYanowitz
1/ There are 3 stages of a bear market.
We just entered stage 2 🧵
We just entered stage 2 🧵