🚨 Important Point: Bitcoin Bitcoin has NEVER had its FULL, complete bull market EVER while the PMI was below 50 the whole time. Which really begs the question: was what happened over the last few years really a true bull market? Sminston coined the term "quasi bull market," and I think that is accurate. We have discussed this on the Bitcoin Uncharted weekly show. We had a bull market from a price standpoint; you could technically call it that, but with bear market backdrop conditions. Hence, we had a quasi bull market, or prelude bull market. The full bull market is still to come.