External factors:
AI has replaced blockchain and has become the next hot trend. Investment institutions are shifting their focus to AI, and the crypto industry has lost its previous speculative frenzy and premium as the 'most promising cutting-edge technology.'
Internal factors:
Good projects cannot develop; only speculation remains, and even speculation is disappearing. The main way for crypto tokens to profit and grow is through trading after their launch, but when most tokens drop in value immediately upon launch, there are no investment or speculation opportunities, and consequently, no further development. This industry has completely turned into a harvesting ground for the big players; just look at Trump's coin issuance and the recent insider trading incidents to understand.
Conclusion:
This cycle is likely the last bull market cycle. Without new narratives, the crypto space will perish. Only BTC will remain, and 100,000 will be the ceiling for BTC.