To be frank, in the past bull markets, new retail investors were often called in to take over, getting the chop themselves.

Now, there may not be many new retail investors entering the market; this time, it might be the turn of the old retail investors.

Of course, the focus is mainly on those "experiential" investors who jumped in early during the bull market. Some of them even completely deny the influence of macro factors and overly trust the four-year cycle.

Flexible and comprehensive analysts among the old retail investors are a different story; this group has better judgment.

Regardless, with fewer new retail investors and more old retail investors, the latter becomes the main target for sniping. Disrupting market rhythm and breaking the mindset of retail investors is highly probable. So having just good judgment is not enough; one also needs composure and endurance...

Changing habitual thinking and engaging in a battle of ideas with old retail investors may mean that most of the old retail investors are already in the market. It’s difficult to have a big bull market or a season of altcoins, instead, it might be that when most old retail investors exit, that’s when a big bull market or season of altcoins could actually occur...

Considering the macro environment and the policy timing of the United States, it’s possible that the season of altcoins won’t really begin in 2025, but rather in the first half of 2026. DYOR