Is the continuation of a bull market or the beginning of a bear market?
1. Retail investor sentiment is restrained, with no signs of frenzied peaks; the market has yet to experience the 'last madness' of widespread participation, which is one of the key indicators of a bull market peak, indicating that there is still room for new capital entry.
2. Emotions are stable during the pullback, and the consensus remains bullish. Despite price pullbacks, the core strength in the market, including senior players from major communities, still predominantly holds a bullish stance. Panic has not spread, which is fundamentally different from the blind optimism of 'ignoring bad news' at the end of a bull market.
3. Institutions are firmly increasing their holdings, and funds have not withdrawn. Companies like MicroStrategy continue to buy Bitcoin, while funds on exchanges are showing a net outflow, indicating that large capital prefers to accumulate in the long term rather than cashing out for profits. This 'only entering, not exiting' institutional behavior provides solid underlying support for the market.
In summary, aside from short-term price fluctuations, the market has not signaled the end of the bull market. The new round of market trends from December this year to January next year is still worth looking forward to.
