Recently, the Bitcoin market has attracted widespread follow from investors. After reaching a high of $124,000, the market seems to have entered a critical turning point. Does this price level represent the peak of the current bull run? Many investors are starting to have doubts.

From a time cycle perspective, we may be approaching the end of the bull run. Traditional views suggest that the peak of a bull run usually occurs in November or December, but the market does not always follow this pattern.

Technical analysis shows that the market has recently exhibited a特殊状态. Trading volume increases during the upward movement, but there is no significant expansion in trading volume during the downward movement. This phenomenon suggests the hesitance of market participants.

It is worth noting that, unlike the usual pattern of a sharp drop immediately after a surge, this time, after reaching a peak, the market has shown a trend of slow decline. This phenomenon of 'chronic selling' has sparked speculation among investors about the future direction of the market.

Currently, the market faces several key issues: Will it break through the previous highs? Will it start to gradually decline? Or will it fluctuate within the current range? These questions require investors to closely follow market trends and make cautious decisions.

For other cryptocurrencies like Ethereum, their trends often maintain a certain correlation with Bitcoin, so they are also worth following.

In this uncertain market environment, investors need to stay calm, analyze market signals rationally, and manage risks effectively. No matter how the market changes, caution and patience are always key to successful investing.