Bitcoin is still in a rapid adoption phase, with the peak of the current cycle at $200,000, said Greg King, founder and CEO of Osprey Funds.“I think we’re in a natural consolidation phase. Our view is that Bitcoin is in a bull run. It’s sort of in its fourth of fifth big bull leg of Bitcoin. If you look at it historically, as it’s gone through phases of adaptation, it puts in an all-time high that holds for at least 200 days, and once that happens, when that all-time high is pierced again, which we just had in November at $20,000, on average, the next bull run is a 900% return,” King said.