Industry analysts are dubbing the current Bitcoin halving cycle as the most peculiar bull market to date, marked by an early surge to an all-time high for Bitcoin followed by a significant influx into memecoins.

On April 1, Zach Rynes, also known as "ChainLinkGod," expressed this sentiment to his 171,000 followers on X, stating, "This bull market has been weird." Traditionally, during bull runs, liquidity first flows into Bitcoin, then into Ether and other high-capitalization coins before trickling down the chain.

However, this cycle has deviated from the norm, with funds moving directly from Bitcoin to memecoins, which Rynes noted as "a bit unusual." Memecoin market capitalization soared to $70 billion on April 1, driven primarily by pumps in newly launched tokens like Solana-based Dogwifhat (WIF), Book of Meme (BOME), and older memecoins such as Pepe and Bonk.

Coinbase's layer-2 network Base has also become a hub for memecoin speculation, exemplified by the meteoric rise of DEGEN, a native token of Base, climbing a staggering 2,800% in the past month. Rynes pointed out that market fundamentals are currently playing a minimal role, with attention focused more on specific narratives than real fundamentals. Ethereum educator Anthony Sassano echoed this sentiment, calling it the "weirdest bull market crypto has ever had," highlighting the absence of meaningful retail participation and the prevalence of isolated sector-specific pumps orchestrated by crypto natives.

Adding to the anomaly, Bitcoin reached an all-time high before the halving, contrary to previous cycles where it occurred the year after. With Bitcoin's halving just 18 days away on April 20, analysts speculate that the pre-halving retracement phase is complete, as noted by technical analyst Moustache on April 1, who highlighted BTC reclaiming a key Fibonacci ratio level seen in previous cycles, albeit before the halving this time.