The bullish sentiment around Bitcoin remains strong, with mainstream analysts expecting BTC's upward trend to continue. In the short term, it is likely to first retrace to the $100,000-$103,000 range before pushing up to $120,000.

The funding rate remains negative, with a large number of shorts still open, which could trigger a new round of short squeezes at any moment; ETH, on the other hand, is struggling to follow suit.

It appears that this bull market is a typical 'main wave + institutional leadership.' Although the shorts are vocal, their actual positions are becoming increasingly precarious, and any sharp decline could be the starting point for a new squeeze.

ETH's performance has been completely suppressed by BTC, and sector rotation has yet to start. The old narrative of 'Bitcoin bull market = bull market for the entire market' is being broken.

For short-term funds chasing the rally, the current strategy is not to chase highs but to wait for a pullback to buy at lower prices. The market is likely to undergo repeated shakeouts at high levels, and the road to new highs for mainstream coins is not yet over, but chasing high prices requires extreme caution.