Bitcoin Bull Market 5.0: Matrixport Says Institutions Drive Rally — Thielen Flags 3 Mini-Bulls and $109,899 21-Week MA

On September 24, COINOTAG News reported that Matrixport communicated via its official channel that the current Bitcoin bull market is structurally distinct from prior cycles, driven primarily by institutional investors rather than retail participation. The firm framed the evolution as a shift in market composition with implications for liquidity, capital allocation and risk absorption.

Analyst Markus Thielen highlighted a defining characteristic of this cycle: the nesting of three mini bull markets within the broader upward trend, versus two in 2020–21. He also identified the 21-week moving average, currently at $109,899, as a pragmatic trend-health metric; sustained trading above that level supports the bullish market structure, while a decisive breach would indicate transition into a more complex phase.