Why is this Bitcoin cycle so difficult to navigate?

Based on previous bull markets,

simply holding the top ten altcoins during a bear market and holding them for three years could yield substantial profits.

However, if this bull market follows the same path, then most people haven't made much money yet, and the bull market is already halfway through.

From a macro perspective, the monetary easing in this bull market has been intermittent. The most significant wave of easing occurred from October 2023 to March 2024, when the US 10-year Treasury yield was 5%, Bitcoin was at $28,000, and $1 trillion was injected—a prerequisite for Bitcoin's main upward trend.

Then, a wave of easing in February 2025 led to the bull market that began in April 2025.

Previous... Two (or even three) rounds of price increases are closely related to quantitative easing.

The question is, will further quantitative easing begin?

In Trump's later plans, yes, quantitative easing will continue, and he intends to implement massive quantitative easing during his term. While the scale may not be as large as the 2021 round, the pace of future easing will not be small.

Comparing US Treasury yields with the RMB exchange rate, when the RMB appreciates to around 6.6, the real quantitative easing may end, and a new interest rate hike spiral will begin.

This bull market has been so difficult to navigate because the quantitative easing hasn't been aggressive or fast-paced. The good news is that the scale of future quantitative easing is about to increase.