In the cryptocurrency field, I no longer have faith in the traditional bull and bear cycle theory.

The market dividends have an upper limit, and the current market development is vastly different from the past, making it difficult to define with traditional bull and bear concepts.

I believe that when no one dares to go long in the market, it often signifies the quiet arrival of a bull market; conversely, when no one dares to go short, a bear market may be brewing.

Many opportunities that did not appear in the first round of market movements may instead manifest in the second round, after investors have generally lost confidence.

Take XRP as an example: the previous cycle was uneventful, but the last cycle saw explosive growth, with an astonishing increase.

This phenomenon also applies to Ethereum and the altcoin market; the operational logic of the market has undergone significant changes.