Let me share my personal views:

1. According to Mike Saylor's continuous buying in this position, I believe the price of Bitcoin is far from reaching its peak. I conservatively predict it might reach around 140,000 before and after the interest rate cuts;

2. The price movements of Bitcoin have changed since institutions entered the market on a large scale, with small pullbacks followed by significant gains. We are currently in a long-term bullish trend, but we can observe that as the price of Bitcoin rises, the magnitude of each subsequent pullback followed by a rise is gradually weakening. The reason is simple: the price is high, and more capital is needed for the upward movement, so the magnitude will continue to decrease;

3. When the pullback exceeds 30%, I believe it will signal the end of the overall Bitcoin bull market;

4. For altcoins, over 90% will go to zero, as 99.99% of altcoins in the crypto space are scams. As the market matures and players become more sophisticated, these scams will no longer deceive people, leading them to zero. The remaining ones will either be genuinely meaningful new altcoins or older altcoins that have become significant. For example, UNI would be meaningful if it turns on its dividend switch; if it doesn't, it's just a worthless token that will go to zero;

5. However, before altcoins go to zero, it won't hinder a collective surge when liquidity is abundant. While it's hard to imagine a scenario where all currencies rise simultaneously, it might resemble the surge from October 2023 to March 2024.