Biden made an interesting comment: "You can't say it's a bull market only when Bitcoin is rising." - The implication is that a bull market is a long-term trend, not something that can be defined by a few days of K-line charts.

Looking back at the historical market trends of Bitcoin, this is actually very clear:

• 2017 bull market: The US dollar index fell from 103 to below 90, while Bitcoin soared from $1,000 to nearly $20,000;

• 2020-2021 bull market: After the epidemic, the US dollar index fell from 103 to 90 again, and Bitcoin rose from more than $10,000 to $69,000;

• 2022 bear market: The Federal Reserve started a violent interest rate hike, the US dollar index hit a 20-year high (114), and Bitcoin directly fell below $20,000.

The logic behind this is simple:

• A strong dollar cycle (interest rate hikes, capital repatriation to the US): Capital flows out of emerging markets, risk assets come under pressure, and Bitcoin naturally weakens.

• A weak dollar cycle (interest rate cuts, dollar depreciation): Global capital seeks out returns, market liquidity is flooded, and gold, US stocks, and Bitcoin tend to rise simultaneously.

Currently, the Federal Reserve has shifted from extreme tightening to a policy inflection point. Although the US dollar index remains high, it has generally entered a volatile downward range. In other words, Bitcoin is in a favorable medium- to long-term macroeconomic environment.

Therefore, there's no need to be swayed by short-term market fluctuations. The bull market isn't over; the pace is just changing. $BTC $ETH #ETH创历史新高 #币安Alpha上新 #BNB创新高