(Bloomberg) — Crypto’s true believers suddenly have a spring in their step again.

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Just days ago, Bitcoin still looked trapped in a market that had spent months grinding lower. Then, almost out of nowhere, it ripped toward $80,000, notching its best weekly gain in years and reviving the memes, the HODL chants and the conviction that momentum itself can pull crypto higher.

Rocket-ship emojis returned to X, bear-market obituaries resurfaced and Michael Saylor posted an AI-generated nightclub meme urging followers to “buy Bitcoin, hold 10 years, ignore the noise, survive the fears.”

The spark came partly from the bond market. Treasury Secretary Scott Bessent’s…