The most frequently asked question recently is: are we still at the end of the bull run, or has the bear market already arrived?

It's a bit embarrassing to say, but when I first entered this circle in 2017, I scoffed at the term "four-year cycle." At that time, I always felt it was just the experienced people making up stories to elevate their status. But when BTC fell from 126,000 all the way down to 94,000, and the entire altcoin market was halved and then slashed by 20-30%, I suddenly realized – bull and bear markets are not just talk; they are something that arises from the drops.

At the beginning of the month, BTC was still hovering around 110,000, and at that time, various meme coins were skyrocketing five to ten times a day. Looking at this scene, two words flashed in my mind: familiar. Too familiar. It's almost a replica of the madness at the end of the 2021 bull run. I voiced a warning about the risks back then, and as a result, I was ridiculed by a group of people as "the bears."