The phase characteristics of the bull run cycle and the current market pattern #比特币披萨节#

From a historical cycle perspective, this round of the cryptocurrency bull run displays a significant "Bitcoin dominance" characteristic, and its operational rhythm can be divided into five stages:
Stage 1: Bitcoin (BTC) breaks through its historical high first, followed by some leading cryptocurrencies reaching new highs, forming a market-wide bullish trend.
Stage Two: BTC retraces about 20%, while altcoins see a decline of up to 50%, leading to increased market differentiation;
Phase 3: BTC hits a new high again, but altcoins only show a structural minor rebound, market enthusiasm concentrates on the leaders;
Phase 4: BTC deep correction of 30%, altcoins generally halved and then halved again, over 60% of coins hitting new lows for the phase, panic sentiment spreads in the market;
Phase 5: BTC approaches its previous high but has not broken through, while altcoin prices are still halved compared to historical highs, and the market enters a bottoming period.
Current characteristics: BTC is showing a "repeated new high - pullback" oscillating upward trend, while altcoins continue to explore the bottom, forming a "leading resistance + small coins declining" divergence pattern. Investors holding BTC have stable returns (for example, holding for a year has yielded approximately 5 times the profit), but holders of altcoins face greater volatility risks.