Let me share my personal views:

1. According to the fact that Mike Saylor is continually increasing his holdings at this position, I believe the price of Bitcoin is still far from its peak. If we are to predict around the time of interest rate cuts, let's conservatively guess it will reach 140,000;

2. After large-scale institutional entry, the behavior of Bitcoin has changed. There are small pullbacks followed by large surges, and it is currently in a long-term bullish trend. However, we can observe that as the price of Bitcoin rises, the magnitude of each surge after a pullback is gradually weakening. There's no specific reason for this; it's simply because the price is higher, requiring more capital for the surge, hence the magnitude is becoming smaller;

3. I believe when the pullback exceeds 30%, it will signal the end of the overall Bitcoin bull market;

4. As for altcoins, over 90% will go to zero, as 99.99% of altcoins in the crypto space are scams. As the market matures and players become more sophisticated, these scams will no longer deceive people, resulting in their decline to zero. The rest will either be genuinely meaningful new altcoins or existing ones that have become meaningful. For example, UNI would be meaningful if it activates its dividend switch; if it doesn’t, it’s just a worthless coin;

5. However, before altcoins go to zero, it won't hinder the possibility of a collective surge when liquidity is abundant, leading to a wave of soaring coins. I can’t imagine the extent, but it might resemble the surge from October 2023 to March 2024.