Since March, the market has been brewing this wave of decline. According to past market performance, there is usually a round of small rise from November to March of the following year, and then it ends, entering a 3-4 month decline adjustment period, and then entering the next rising cycle. After June to mid-July of each year, the market usually begins to stabilize and rise.

Through the experience of the last round of bull market, we can clearly feel that this round of bull market is different from the past, and its rhythm is faster. Breaking through the previous high before halving is the best proof, so it can be inferred that the rhythm of restarting the market after halving will also be advanced. ETF is the driving force behind all this acceleration, and the introduction of ETF has accelerated the rhythm of the bull market.

In view of the expectation of an accelerated bull market rhythm, we choose to adjust our positions rather than reduce or clear them. The current judgment is that there are two time nodes that may mark the beginning of a new round of market: mid-May and the end of June. If it starts in mid-May, it proves that the overall rhythm of this round of bull market has indeed accelerated; if it starts at the end of June, it is a normal rising rhythm.

The situation in the past was basically the same.

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