People constantly confuse this: a bull market starts at the bottom and ends at the top. They think a bull will arrive when we’re already at the top—I’ve observed this same mistake for nine years now. We’ve likely been in a bear market for about a year. Bitcoin’s bull run began in October 2023 and lasted until 2025, meaning we experienced a Bitcoin-based bull market; some altcoins also saw bull runs. However, some people were waiting for a repeat of 2021’s altcoin bull run. Due to excessive accumulation across altcoins, liquidity became more selective, and success rates dropped significantly—only those chasing trends profited. It’s very difficult to know exactly when bear or bull markets begin, but if a trend shows sustained momentum, you can recognize it. Perhaps a bull trend has started, but we can’t see it yet because it hasn’t yet become a persistent, continuous trend. Often, we don’t even know which phase we’re currently in. The only thing we can know for sure is which trend we’re in right now—and whether it’s continuing. Generally, public and media acceptance of a bull market comes during the second half of the bull—or even at its peak—by which time early entrants have already entered their selling phase. This happens because people label Bitcoin or any asset as “bullish” once it regains popularity, even though this is often a sign of the final rally. Last October, I said we were at the final peak of the bull market—or that the bull had ended—and shortly after, a significant sell-off occurred, while everyone still believed the bull market had just begun. The most negative aspect of our current situation is that Bitcoin is 50% below its all-time high while Nasdaq is at its peak. But here’s the silver lining: when the Nasdaq bubble bursts, Bitcoin’s relatively low valuation will make it a logical alternative for investors seeking to exit.