The image is a meme comparing two crypto market cycles.
Top image:
A strong, muscular bull charging forward with the text “2021 bull run.”
Bottom image:
A bear with long horns edited onto its head, labeled “2026 bull run.”
The joke is implying that:
• The 2021 bull market was a clear, powerful upward move (a real “bull”).
• The 2026 “bull run” feels more like a disguised bear market — meaning it may look bullish on the surface, but underneath it behaves weakly or unpredictably.
It’s basically commentary on how market participants feel this cycle lacks the strength, momentum, or clarity of 2021.
Classic crypto humor — optimism vs reality.