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…

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