After the end of the pandemic in 2020-2021, the loose monetary policy in the United States caused the price of Bitcoin to surge from $3,000 to over $60,000, an increase of more than 20 times. However, the current situation is different, as countries around the world are competing for liquidity. How do we solve the issue of Bitcoin rising from $60,000 to $120,000?

At this point, Bitcoin has been hovering around $60,000 for half a year. The core issue is that the price is too high; both institutional and retail investors feel the price is too expensive, which may indicate that the timing is not right. There has not been a large-scale clearing of chips, leading to an unusually heavy market operation. The absence of a sharp decline means there hasn't been a large volume of trading turnover, resulting in insufficient institutional chips, making it more costly to raise the market price, which has led to the market being in a prolonged sideways movement at the bottom.

Currently, market opinions are divided, and sentiments, funds, as well as responses from Eastern and Western markets are inconsistent. Most Bitcoins have already been incorporated into asset allocations by institutional investors, and the market has gradually turned into a battleground among institutions, which is why the trend has been so over the past six months.

When market sentiment is stimulated, the rapid rise of other cryptocurrencies (altcoins) may bring wealth effects, which could be a good strategy. However, the narrative in the cryptocurrency space faces challenges: VC (venture capital) is being excluded, Ethereum (ETH) is criticized, layer 2 scaling solutions (L2) have been debunked, the popularity of BRC20 is waning, and on-chain games are losing their appeal. Is it only possible to rely on meme culture?