Blockworks co-founder Jason Yanowitz sees the cryptocurrency market moving into the most thrilling phase of a four-stage bull market.

What Happened: Yanowitz outlined the typical bull market phases in a thread on X:

• Stage 1: Rebirth (Jan 2023-Jan 2024)
• Stage 2: Excitement (Feb 2024 through last week)
• Stage 3: Euphoria (currently)
• Stage 4: Disconnection (still to come)

The founder noted that the “Excitement” phase could see some coins near all-time highs, without new players coming or existing players leaving.

With the Euphoria phase officially having started on Nov. 5 following the presidential election, Yanowitz sees a “beautiful time” coming, where gains abound but the "grifters" haven't yet appeared. He advised enjoying this period, as it tends to be fleeting.

Yanowitz predicts that during this stage, institutional allocators will start making significant moves into Bitcoin BTC/USD and Ethereum (CRYPTO: ETH, and venture capitalists will begin launching new funds sooner than anticipated.

Also Read: Bitcoin Nears $90,000—How High Can The Apex Crypto Go?

Why It Matters: Yanowitz's perspective offers a roadmap for crypto investors to navigate the volatility of bull markets. He cautions that Euphoria phase, a double edged sword, can bring about FOMO-driven narratives and coins, which may create both opportunity and risk if not approached with care.

Yanowitz foresees the final phase, “Disconnection,” as a period marked by irrationality and recklessness, cautioning that complacency could be costly. For those who stay disciplined, however, he believes 2025 could yield transformational gains

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Peter Schiff: US Bitcoin Reserve Could ‘Destroy Dollar,’ Predicts It’s ‘Highly Unlikely’ To Happen

Image created using artificial intelligence with Midjourney.