The 2013/2014 bull run can be explained by low volume aka a market that was easy to manipulate and virtually no awareness of crypto. With silkroad shutting down just weeks prior "everyone" heard of Bitcoin and the wild stories of people flipping cents into millions.
The next big bull run of 2017/2018 came from the first mass marketing campaign that ICOs conducted and yet more "cents to millions" stories.
The 2021 bull run was a result of a mixture of quantitative easing, people stuck at home due to covid retail trading on their phone, mass marketing all over social media with all the big influencers, venture capitalists, brands and institutional investors on board, plus of course NFTs being the visual symbol of this.
Why would anyone believe another bull run is coming? Unlike pre-2021, now everyone knows about crypto, everyone, and virtually all of them have a negative view of it. Post-FTX and others, institutional investors are turned off. I just fail to see where the new interest or money would come from.
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