The term bull market refers to a positive trend in the prices of a market. It is broadly used not only in the cryptocurrency space but also in the traditional markets. In short, a bull market concerns to a strong market uptrend that presents meaningful rising prices over a relatively short period of time. When compared to traditional markets, cryptocurrency markets are smaller and consequently more volatile. Therefore, it is quite common to see strong and consistent bull runs, where a 40% price increase in 1 or 2 days is quite common.
Although the term bull market can be used loosely to refer to any strong market activity, it is often utilized in traditional markets when the price of an asset rises 20% or more from its previous low point. Typically, a bull market arises when investors are optimistic about the future performance of an asset or the overall market indexes.