The arrival of the altcoin season requires at least waiting for $btc to effectively break through $110,000, and continue to rise to the $120,000-$150,000 range, after which funds will start rotating into various altcoins. If this point cannot be achieved, whether it's $eth or altcoins, there will still be no way to emerge from a bull market as grand and spectacular.

On-chain, in this bull market cycle, the short positions betting on the decline of $btc prices are noticeably more cautious than during the 2021 bull market cycle, indicating that at this stage, the market is quite averse to bearish risks, which is undoubtedly a bullish signal for $btc.