The bull market is definitely still here. I will briefly analyze it. There are two main reasons.

First, the passage of EFT has accelerated the arrival of BTC's previous high. To be frank, the previous high of Bitcoin should be in November 2024, and we have seen that it has reached the previous high in March. If Bitcoin does not make adjustments, it will not be able to rise all the way, and it will go downhill in advance, and the 4-year cycle will no longer exist. In other words, if the 4-year cycle can continue to run, then Bitcoin should slow down. What we have seen so far is that Bitcoin has been sideways for more than half a year, which is in line with this situation.

Second, the public's perception of the past bull market has changed the form of this bull market. More and more people believe in Bitcoin, believe in halving, and believe in ETFs, which undoubtedly makes the previous high come faster. In addition, the expectations for altcoins, such as meme coins, also make memes explode in advance. This may be the best interpretation of reflexivity. Each round of bull market walks the same path with different steps.

The 4-year cycle is still there, and we are now in the midst of a bull market. 2025 will be the carnival moment of the bull market.

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