Ari Paul, founder and CIO of digital asset investment firm BlockTower, posted on social media that he is currently in the early part of the overall bull market (i.e. probably 70% progress, or 66% progress). Recent buyers are preparing for a 6-12 month rally, more institutional than retail speculation. His personal expectation is that the market will generate a fairly "gradual" rally at this stage, possibly seeing $90,000 or even $125,000 of BTC. Retail participation will gradually increase, and with it, rising leverage and volatility. For now, buying the right asset and holding it for the next few months may be the smartest strategy. In the later stages of the bull market, more aggressive trades will pay off.