This is my view on the law of bull market cycles!

The first stage is the early stage of the bull market: when BTC rises all the way until it approaches its all-time high (ATH) and then undergoes a small adjustment, it marks the end of the early stage of the bull market. Key reference indicators include the phased adjustment after BTC reaches ATH, which usually occurs within 1-3 months.

The second stage is the mid-stage of the bull market: when public chains such as ETH usher in the second phase adjustment after approaching ETH, it indicates the end of the mid-stage of the bull market. Key reference indicators include the phased adjustment after public chains such as ETH reach ATH, and accompanied by the gradual decline in the market value share of BTC, the adjustment time is usually about 1 month.

The third stage is the late stage of the bull market: when BTC and ETH reach ATH, a large range of altcoins begin to explode, indicating the end of the late stage of the bull market. Key reference indicators include a large range of altcoins, the rotation of various sectors, the sharp decline in the market value share of BTC, and the greed indicator at a historical high.

Combining the above views, I believe that we are currently at the end of the first stage and entering a phased adjustment stage, that is, the early stage of the bull market has ended but the mid-term has not yet begun, and the entire cycle is still in its infancy.