Currently, many altcoins have retraced to the price levels of the end of 2023. However, the real reason for the hesitation is not the fluctuations in price, but rather that investors failed to take profits in a timely manner during the last market wave and did not decisively cut losses when the market structure showed signs of cracking.

They always hold onto a glimmer of hope, expecting that the "altcoin season" is about to arrive, only to helplessly witness prices continuously retracing.

As for whether the altcoin season has truly become a thing of the past, and whether the four-year bull market cycle has been completely overturned, these questions are not actually the core issue.

The essence of the market is always driven by capital; trends can be rewritten at any time with the appearance of a bullish candlestick. If one is not enough, then wait for the next one to come.