The “crypto winter,” which has lasted nearly a year, is over—and it’s expected to become the strongest and longest-lasting bull cycle in cryptocurrency history.

Over the past 5 days, Bitcoin has risen by more than 7%, and over the past 3 months, it has gained nearly 35%. From a technical perspective, as long as the support level around $75,000 is held, bulls may push further into the $90,000 area.

This rebound comes amid the 《Digital Asset Market Clarity Act》 failing to pass the Senate procedural vote, breaking the simplistic logic that “legislative failure is a bearish signal,” as the market begins to reassess the real impact of regulatory uncertainty.

Capital returns: the core logic behind crypto spring:

The key basis for the end of “crypto winter” is not merely a price rebound, but a divergence between price and fundamentals.

During the recent period when crypto asset prices were falling, the industry’s fundamentals were not deteriorating in parallel: on-chain activity increased, and large financial institutions such as BlackRock further entered the digital asset market, forming a pattern of “cyclical declines in price alongside structural improvements in fundamentals.”

It’s expected that crypto asset prices may further catch up with the changes in fundamentals later this year.

$90,000 as the next observation point

On a longer time horizon, Bitcoin has not fully exited the prior correction.

Bitcoin set a historical high of about $126,000 in October last year, then was briefly cut in half, and fell to roughly $57.6k in early July this year. Even with the recent sharp rebound, the current price is still about one-third below the historical high.

This suggests that the current rebound is more like a repair from a deep correction, rather than confirmation that a new cycle of historical highs has begun.

Whether $90,000 can be broken through effectively will be a key observation point to test the “quality” of crypto spring:

If price faces resistance and pulls back near $90,000, the market may need to reassess the sustainability of capital rotation;

If there is a breakout with heavy volume, it will further reinforce Hougan’s judgment that this is “the strongest and longest-lasting bull cycle in history.”

Looking ahead, you can keep an eye on the Fed’s rate path and the direction of yields on long-term U.S. Treasuries—these remain the core macro variables that influence crypto asset valuation.
——————We continue to invest regularly in BNB, BTC, ETH, SOL
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