Analysts in the cryptocurrency space are referring to the current Bitcoin halving cycle as the "weirdest" bull market ever, since it came after an untimely peak in the price of Bitcoin and a significant rush into memecoins.

In a message to his 171,000 followers on X, Chainlink community liaison Zach Rynes, also known as "ChainLinkGod," stated on April 1st, "this bull market has been weird."

In the past, during bull runs, liquidity would first pour into Bitcoin, then into Ethereum and other coins with large capitalizations, and so on.

Nevertheless, Rynes noted that the market "skipped a couple of steps that we have seen with previous cycles," with flows from Bitcoin to memecoins, which is "a bit unusual."

Zach Rynes is the source.

On April 1, Memecoin's overall valuation increased to $70 billion, mostly due to pumps in newly launched tokens such as Solana-based ‘dogwifhat’ (WIF) and Book of Meme (BOME), and older memecoins like Pepe (PEPE) and Bonk (BONK).

The Coinbase layer-2 network Base has also become a hotbed of memecoin speculation.

The recently launched Base-native token DEGEN is one example, having skyrocketed an eye-watering 2,800% over the past month.

The memecoin is an unofficial token that was distributed to the community on the decentralized social network, Farcaster.

Rynes added that market fundamentals are not playing much of a role at the moment:

“There’s some retail money that’s entered, but nowhere near the levels we’ve seen before; we’re in an attention economy based on specific narratives, not real fundamentals.”

The sentiment was echoed by Ethereum educator Anthony Sassano on April 1, who said that after around a decade in crypto, “I can say with full confidence that this is, by far, the weirdest bull market crypto has ever had.”

He added that retail is not here “in any meaningful way” until the entire market goes up together:

“Not these isolated sector-specific pumps that are very obviously pushed by crypto natives and just involve a hot ball of money rotating around.”

The fact that Bitcoin achieved its all-time high prior to the halving is another element contributing to the peculiarities of this market cycle.

The year following the halving has historically marked the arrival of the Bitcoin all-time high.

The asset reached $73,734 on March 14 and the April 20 BTC halving is now only eighteen days away. The pre-halving retrace is already expected to be completed, according to analysts.

Technical analyst Moustache pointed out on April 1 that Bitcoin has recovered a significant Fibonacci ratio level from earlier cycles, but this time it was prior to the halving.