A Bull Market describes a market where increasing prices are the trend.
Prices increase for a prolonged period and investors and traders believe that prices will continue to do the same.
Trader confidence is high.
In traditional finance, an increase of 20% or more after multiple declines of 20% or more defines a bull market.
Bull markets can last months and years.
In cryptocurrency trading, bull markets are usually an order of magnitude larger than in traditional markets.
They still exhibit the same characteristics of positive trader sentiment, strong demand, price spikes when good news comes out, strong economic conditions, and overall optimism in the markets.
Because of the generally young age of the crypto market, bull markets in crypto can take shape because of influence from social media and pop culture icons, increased adoption by institutions and traditional financial firms like Morgan Stanley or JP Morgen, or due to regulatory barriers falling.