I feel that when Bitcoin is reaching peak prices, all news sites cover the news. As a result, lot of new users come to Bitcoin. As a result, this can be a good time to invest in promotion of crypto affiliate programs. The chances for conversions will be higher as Bitcoin popularity will already be in mind of people.
Well, people are getting very excited when they see the crypto market going up, and up thus, many new investors get excited as well, and will invest into crypto.
As an promoter, I guess it's the best time to promote some programs that you're affiliated with as long as it isn't a scam website. I will not any particular websites that has an affiliate program, but there are many of those who are still online until now, and as an promoter, you take advantage of it. You said it already that it the conversions will be higher as more people will jump, and will invest into crypto as they are excited.
I guess it's a no brainer already that you need to promote the program even more when the bull run starts though in general, I think people are still promoting those programs whether the market is in a bull run, or the opposite of it. Nevertheless, as long as you are promoting legit websites then there's nothing wrong about it.