I have seen many people say that Bitcoin's MA120 line has broken down, and many are shouting that a bear market is coming. In the last month, I have reminded that Bitcoin's market cap ratio has reached the peak of this cycle. In simple terms, it means that Bitcoin may rise in the following market but will not surge to become the leader. The market cap ratio of Bitcoin will gradually decline during the later stages of a bull market (Chart 1). Currently, this still aligns with my expectations. Therefore, I personally believe that Bitcoin's current trend does not provide a true direction for the market. Due to the decline in market cap ratio, coupled with the reduction in profit-making effects and changes in the rhythm of the bull market, internal funds in Bitcoin will inevitably withdraw gradually to seek other opportunities. Hence, we can see recently that when Ethereum rises, Bitcoin instead remains stagnant and does not follow Ethereum's rise. When the market adjusts, it falls along with it, creating a situation where it follows the decline but not the rise, which is very normal. As long as the market ensures that it performs better than Bitcoin during good conditions, Bitcoin's market cap ratio will continue to decline. From a larger perspective, Ethereum still has plenty of room left (Chart 2). In a situation where Bitcoin is stagnant, it will at least have to reach around $7,000 to encounter real resistance. From the weekly market cap ratio of Ethereum (Chart 3), it just hits the resistance level of the Vegas channel, which we previously mentioned around the 14 position. Adjusting near the resistance level is a very normal occurrence in technical patterns. Regarding altcoins, as mentioned before, after Ethereum rises, it will be time for the altcoin season, so there is no rush if it hasn't risen yet. These are the larger-scale trends, which do not provide strong guidance for short-term movements. Now, let's talk about short-term matters. Previously, I mentioned that $4,100 for Ethereum is a good position, and an extreme drop to $3,800 would be considered too much. As long as the market's bottom gradually rises, that is sufficient. Later, it dropped to $4,060 and then rose back to set a new high, but it has dropped again in the past few days. From my personal perspective on the market, it is highly likely that it will not break below $4,300, which means that the short-term bottom has already emerged, and I am looking bullish in the future. I am too lazy to type out the specific short-term technical analysis as it's too lengthy, so I'll just state the conclusion.