This wave of market reminds me a lot of last year's March and April, when BTC broke through a new high of 73k in mid-March, then retraced to 60k, and returned to 72k in early April. However, many altcoins entered a long-term downtrend after peaking at the end of March. Currently, it seems that many altcoins peaked between May 10-15; even if BTC reached a new high on May 22, most altcoins did not return to their highs.

In the last wave, the strongest WIF increased more than tenfold in a month, and the relatively strong coins in this wave have shown similar performance from their lows, for example, Moodeng 17 times, Fartcoin 8 times, Virtual 6 times, and many small to mid-cap altcoins also had increases of 2-5 times. However, from the sentiment on Twitter, everyone is still eagerly awaiting the altcoin season.

The reason for this is probably still due to the disconnect between BTC and altcoin performances. The altcoin season that everyone is looking forward to may be initiated by a clear signal of Bitcoin reaching new highs, but the reality is that most altcoins had already completed their increases before Bitcoin's new high, and what remains is just a continuous decline amid Bitcoin's ongoing fluctuations.