The stages of bull market:

Many people are worried that the bull market is over and think the market will never come back. But I think the bull market is far from over. The Federal Reserve has not cut interest rates yet, and it is too early to talk about the end. I hope it can restore confidence to everyone.

A bull market can usually be divided into four stages:

The first stage:

Bitcoin (BTC) led the way higher, attracting capital, but the market sees no significant innovation.

second stage:

Ethereum (ETH) is starting to lead the recovery, leading to a recovery among most venture capital (VC) coins.

The third phase:

Innovative application coins rose, and the market began to discuss that this bull market was different and full of innovation.

The fourth stage:

The market went into a frenzy and VCs started investing like crazy, believing that a new era had dawned and the bull market would last forever. At this stage, if you don't run, you have to wait another four years.

At the moment, we are still just wandering through the first phase. The only difference this cycle is that the Bitcoin spot ETF accelerated BTC’s gains, allowing it to break out to new highs ahead of the halving. Although history does not exactly repeat itself, the cyclical nature is immutable.