Bitcoin's Bull Run Hasn't Even Begun? Sounds Crazy, But One Key Trigger Could Spark Parabolic Gains, Says Trader

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Trader Hoeem argues Bitcoin’s true bull run hasn’t started due to tight macroeconomic conditions.
Without a flood of liquidity, markets may remain structurally restrained despite higher prices.
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Despite Bitcoin's BTC/USD impressive climb from $16,000 to $110,000, some analysts believe the real bull market is yet to begin.

What Happened: In a detailed June 4 post on X, crypto trader Hoeem suggests the rally so far has been driven more by institutional flows than euphoric retail speculation, a hallmark of true crypto bull cycles.

Hoeem points to the absence of broad macro liquidity, which he believes is essential for explosive, retail-driven upside.

Drawing on research by Jesse Eckel, he references 11 “liquidity rings of power”, factors like rate cuts, quantitative easing, and fiscal stimulus, which were all active in past bull markets (2013, 2017, 2021). Today, most of these remain dormant.

A potential 12th “ring”, economic pain, is typically what forces policymakers to flip these switches.

While some stress signals exist (e.g., weakening industrial jobs data), they haven't yet triggered the scale of intervention needed to catalyze a full-blown liquidity boom.

Key macro indicators such as M2 money supply growth and ISM PMI remain muted, reinforcing Hoeem's view that the bull market is “still loading.” Until liquidity flows freely, he expects a slow grind higher rather than a euphoric rally.

Hoeem noted that the market may grind higher, but the real speculative mania awaits a macroeconomic trigger. Until the liquidity "rings" are fully activated, the bull market is still loading.

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Also Read: Bitcoin At $105,000: Bull Market Correction Or Bear Market Beginning?

Why It Matters: Echoing this restrained optimism, trader CryptoCon flagged a rare “Super Signal” for Bitcoin, triggered when trading volume plunges to historic lows inside a bull market. This is the lowest volume reading since 2014, a setup that has historically preceded major uptrends:

2012 & 2016: Preceded full bull markets.
October 2023: Kicked off a 200% move through March 2024.

With no blow-off top yet and volume still deeply compressed, CryptoCon believes this signals the next leg up may be imminent, provided macro conditions align.

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