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$BTC In February online, Bitcoin's current bull run perfectly exhibits the classic 123 wave pattern of an upward trend. So where is the current top? Is it at 124500? It's actually quite simple; just reference the basic market sentiment for judgment. In the absence of any news-driven momentum, when the market pulls back, there is not much sentiment for bottom-fishing, and when the sentiment for short-selling is greater than that for bottom-fishing, one cannot consider 124500 as the bull top. Firstly, in the financial industry, if the main force wants to create a bull top, whether in a small cycle or a large cycle, it is definitely to trap users into the bull market. Currently, the amount of trapped positions above and the sentiment for bottom-fishing in the market is not substantial and not strong enough, so the main bull top is certainly not 124500. Referencing the weekly pullback in January this year, during the small bear market of Bitcoin in the first half of the year, how much bottom-fishing resulted in losses? But currently, not many people dare to bottom-fish, which means that during this pullback, there isn’t much retail market capital available to take over. Therefore, looking at the current market, next month the main force may collaborate with the Federal Reserve's interest rate cut expectations to create hype, thus forming a bull top. So for now, we are still observing the last wave of the bull. When Bitcoin's last wave corresponds to the closing of next month's monthly line, it is highly probable to close with an upper shadow line. When the top of the third wave's monthly line forms, and then it waterfalls down, one cannot consider the fourth wave of the monthly line anymore $BTC $ETH