Four years, halving, a cycle, short bull and long bear, about one and a half years

Bear, about two and a half years.

The first half of the year is bullish, before halving, mainstream assets initially returned

The second half of the year is bullish, after halving, mainstream assets peaked

The third half of the year is bullish, crazy period, non-mainstream assets rose

The first half of the year is bearish, platform period, deleveraging brewing period

The second half of the year is bearish, deleveraging, various liquidations and explosions

The third half of the year is bearish, false warming, oversold consolidation and false warming

The fourth half of the year is bearish, bottoming period, breaking the delusion and exploring

The fifth half of the year is bearish, no one is interested and forgotten

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