In a cryptocurrency bull market, altcoin season typically goes through the following four stages:

1. Bitcoin Stage: Funds first flow into Bitcoin $BTC, driving its price to new highs, and market sentiment begins to heat up.

2. Quality Large Cap Stage: Subsequently, funds move towards quality large market cap coins like Ethereum ETH, SOL, etc., driving their prices up and further confirming bullish market sentiment.

3. Strong Altcoin Stage: Next, funds enter strong altcoins such as YGG, NEAR, FTM, and INJ, which perform exceptionally well with significant price increases. Positive news frequently emerges, while negative news is ignored or even interpreted as positive.

4. Small and Medium Cap Altcoin Stage: Finally, funds flow into small and medium cap altcoins, including SHIB, DOGE, PEPE, BONK, etc., and the market enters a state of complete frenzy, where buying guarantees profit. Candlestick patterns grow larger, prices ignore fundamental technical rules, all indicators become distorted, and analysts draw increasingly outrageous prediction arrows.

5. Closing Stage: Bitcoin undergoes high-level consolidation, volatility decreases, and some coins start stagnating or experiencing significant corrections. Meanwhile, very small market cap altcoins may show rapid doubling with bullish candles, capturing the attention of new retail investors. This signals that the bull market is about to close, yet most people remain standing in the center of the stage, unwilling to accept the end of the show.