#比特币市场分析# Looking back at the development of Blockchain over the years, I can't help but marvel at the magical power of market cycles. The current situation where analysts have differing views on the bull run of alts feels quite familiar.

Remember the crazy bull run at the end of 2017, when Bitcoin skyrocketed to nearly $20,000, driving the entire crypto market into a frenzy. Immediately following that was the brutal bear market of 2018, where coin prices were halved again and again, leading to the collapse of many projects and significant losses for investors. At that time, who would have thought that a new bull run would come in 2020?

Bitcoin has now retraced from its peak to $112,000, alts are performing weakly, and market sentiment has clearly cooled. Some analysts believe this is a consolidation period, while others think it's a good accumulation opportunity. To be honest, I think both views have their merits.

But history tells us that the market always oscillates between extremes. When there is excessive pessimism, it often indicates the bottom, and when there is excessive optimism, it is usually not far from the top. Currently, the market is in a wait-and-see state, and perhaps it is a good time to reassess the fundamentals of the project.

After all, truly valuable projects will eventually stand out in the cycle. What we need to do is stay clear-headed, neither blindly chasing highs nor missing out on potential candidates. Patience and observing changes quietly is the way for long-termists to survive.