At this stage, is there still a bull market? Certainly, there is. Although I often say there are no bull or bear markets, only buying and selling points. However, from the perspective of the general public, a bull market naturally refers to a large-scale bullish trend, which is still in play.

From the overall trend of BTC, since the rise that started in 2023, in all the pullback waves during this period, the lows have not been lower, and the highs have been new highs, which is a standard bullish trend.

Currently, the third wave of rise is at a high position, and we need to be cautious of local pullbacks, but note that there is no structure or position here that leads to a reversal of the trend; at most, it is a conservative left-side local top signal, which is a normal secondary pullback process in a smooth sailing trend (to be distinguished from a trend reversal).

In terms of trend structure, even if a 25% to 30% pullback occurs in the next 1 to 2 months, it would still fall within the normal secondary pullback range. Moreover, during the entire pullback process, the large-scale moving averages will still point towards bullishness, allowing for incremental buying on the dips; technically, there will not be a waterfall-style decline (except for a 3% drop being called a waterfall), which is fundamentally different from a bear market decline with no support.

So in terms of trend, the bull is still here, but we need to stimulate awareness of the potential risks during the pullback process and the opportunities hidden after the pullback.