Recently, many people say the bull market is over? Let me share my thoughts.

Since starting from the 15,700 point in January 2023, BTC has risen more than 6 times, enduring two mid-term consolidations, breaking through two major highs of 73,000 and 104,000.

However, some old players claim the bull market is over, arguing that new highs have been reached, altcoins have surged in two rounds, and the four-year halving cycle has failed; there is no new money flowing in from inside and outside the market, the FOMO craze has disappeared, and the market has cooled down. So they advise everyone to clear their positions as soon as possible.

But in the crypto circle, opinions are diverse, and I believe this wave of discouragement is not simple. Previously, I mentioned the three steps that trigger a bull market: the approval of a spot ETF, the U.S. election, and the beginning of an interest rate cut cycle. Now it can be updated to: Step 1, BTC spot ETF approval, BTC breaks the previous high to 73,000; Step 2, Trump is elected, BTC sets a new high of 104,000; Step 3, Trump’s inauguration combined with the Federal Reserve's interest rate cuts, BTC is expected to reach a higher peak in 2025.

We are currently in the second phase, and Trump will hand over power next week. Every move he makes after being elected stirs the market's winds and clouds; the crypto market is inherently small and relies on sentiment and consensus. Trump has long wanted the U.S. to hoard BTC, and with this momentum, supported by policies and people like Musk, countries might follow suit, causing BTC to surge. He also said he wants to push the BTC price to 150,000, and at the current pace, achieving this goal is not impossible.

From a technical perspective, BTC's performance looks quite stable. At the beginning of the month, a spike to 90,000 washed out long leverage, and after stabilizing at 93K - 94K, it returned above 100,000, currently testing the support at 99K - 100K. Although there is some pressure at 100,000, breaking through could lead to a major market move. Right now, it is still in an upward channel, with plenty of room to move up; the bull market is far from over! Before the end of the year, we expect it to reach 110,000 - 120,000. Once Trump takes office, with favorable policies and the influx of funds from interest rate cuts, a sprint to 150,000 is very hopeful. Dao Ge will never give up.