Let's talk about the two issues that everyone is most concerned about right now:

1. Can Bitcoin reach new highs again?
It is possible that the views given a couple of days ago are very clear; the distribution range is very obvious. Bitcoin is distributing at a high level, and the ones getting hurt are the altcoins.
Moreover, there will be a second wave of a bull market surge and distribution after a few months.
Take a good look back at the crash from May to July 2021, when almost no one expected the second wave of explosion in September to November.
It is worth noting that during the second wave of the outbreak, many altcoins did not follow suit.
Second, is there still a comprehensive quarter for imitation products?
It's time to differentiate within the cryptocurrency circle. Bitcoin stands out with superior security, stability, reliability, and yield. Moreover, it can have a long period of top distribution, allowing investors to escape peaks in long-term cycles, similar to gold.
Ethereum, as well as BNB, XRP, SOL, and several other cryptocurrencies supported by strong narratives (and possibly consortiums), are akin to the seven giants in the US stock market. They have also performed well in this round. Their existence has essentially allowed for the existence of altcoin seasons.
Other cryptocurrencies. Unfortunately, since 2025, the overall market value of other altcoins has dropped by 40%. Other altcoins have vague functions for the average person, high substitutability, a large quantity, decreased attractiveness, and very few promoters provide a long-term narrative. Even if there is one, it can only maintain long-term holding for value investors, resulting in difficulty in establishing a stable sideways market and effectively climbing steps, leading to the emergence of a stable bull market.
If one still cannot recognize the situation and has a mentality of escaping reality, it is possible to encounter a situation like the previous bull market and the last bull market, which was "once glorious but then plummeted rapidly."