The bull market will come, but it will arrive in a way that many retail investors cannot imagine, and it will come while retail investors are still aggressively shorting.

Let's review the recent major rallies:

The first major rally started on October 16, 2023. On that day, a rumor spread in the market that Bitcoin was approved through an ETF, and immediately Bitcoin surged nearly ten points. After a while, it was reported that Twitter had been hacked and it was a false message. Retail investors thought, 'Shouldn't we short the market for a quick profit?' Then came a surge from over 20,000 to over 40,000.

The second major rally was when Bitcoin was indeed approved through an ETF. At that time, some retail investors were going long, but more were on the sidelines, because this was indeed approved and not a false message, and then the price dropped to around 38,000. Once it stabilized, Wall Street had no new news, feeling that the ETF approval was just for unloading, so we should short. I remember that when Bitcoin surged more vigorously, the number of people shorting contracts increased, and then the price reached 73,000.

And what about the third wave?