What fundamental narratives can drive Bitcoin prices to continue to rise strongly in the future?
Innovation in cryptography? Continuous easing of fundamentals? I think it's gone...

From the speculation of ETF hype to realization, from the speculation of interest rate cuts to implementation.
From the inscriptions of the BTC ecosystem to the memes of the SOL ecosystem, and finally to the conclusion of the BSC chain...
Just like the waves rolling one after another, after one round, it's all a mess...
In fact, looking at these several waves, the wealth effect is also rapidly diminishing.

The transition from PVE to PVP is becoming more intense, all are games that require quick running.
As of now, BTC ETF has flowed into 62.3 billion USD.
ETH ETF has flowed into 14.6 billion dollars so far.
The speed of capital inflow has reached an all-time high.

But in a medium-term phase of 1 to 2 years in the future, can it support greater inflows?
Sustained interest rate cuts? Hot money influx?
It depends on whether Trump can replace Powell, it's not that simple.

Is the Bitcoin halving 4-year cycle still there? Not necessarily.
But it is obvious that we have entered the final phase after the halving.

I also believed in Bitcoin reaching 150,000 dollars.
But time will always provide the best answer.
Either the price hits, or the time comes.
Since the time has come, the price doesn't need to reach it either.
The K line presents itself in time and space.
It will never be so perfect.

If you don't make any money in 2025.
Then we really need to prepare a defensive strategy, rather than continue to take risks.
There has never been a moment when market liquidity is still ample and P wins over others.
Moreover, the market in 2026 will likely be accompanied by a super earthquake and low volatility.

"Bear market" does not necessarily mean a continuous decline, such as Bitcoin falling from 120,000 to 65,000 or even 20,000.
It may also exhibit low volatility over time.
Due to the change in the market demographics, the arrival of ETFs.
Maybe it will fluctuate between 120,000 to 100,000 dollars for half a year.
Drop to a range of 100,000 to 70,000 and then oscillate for half a year.
Finally, at 120,000 to 70,000, after another half a year of fluctuation.
A year and a half has passed just like that.

In the on-chain world, there was once a 100X golden dog appearing in a month.
It takes three months to see one, and it takes half a year to see another.
The result of PVP is that enduring continuous sitting is difficult, and one might miss the occasional unexpected moment.

Whether or not there is a four-year cycle theory of Bitcoin halving
Whether there is a global hot money tide guided by the Federal Reserve's monetary policy or not
The capital tide has its rises and falls, and the cycle is still ongoing.
Just a different way, more complicated.

However, the "bear market" is the best time for learning and accumulation.
If you want to reap greater wealth in the next wave of the tide
Continuous learning, staying in the market, taking appropriate breaks, and maintaining a moderate sensitivity is the best state.

Remember, to survive, you must see tomorrow's sun.
😉😉😉