My view on the cycle is: it is far from over, and the real copycat season has not yet arrived, but the shock period will take at least half a year to a year. The cycle of the currency circle is already dominated by global liquidity.

The cycle high of 69,000 is also the starting point for the Federal Reserve to start raising interest rates. We are currently in the early stages of the liquidity faucet being opened (interest rates have just begun to be cut).

This stage must be the most frustrating, because the person in charge of the faucet is also coy and does not dare to open it too fast. (But this does not mean that there are no opportunities for local targets and local tracks during this period, and the big opportunities will still mainly be on the chain)