In the end, it turns out that the biggest winner was the one who carved the boat to seek the sword....

LongPort - 大饼预言家
大饼预言家

What is the essence of Bitcoin's bull and bear cycles?

Why write this article? Because I found that most people's interpretations of Bitcoin's rise and fall are wrong. For example, last year, the narrative was that institutions were entering the market, following the slow bull market of U.S. stocks, and Bitcoin would reach $200,000 by the end of the year. But in reality, Bitcoin peaked at $126,000, proving this narrative wrong. This year, gold and silver surged, and another narrative emerged: all the money went into precious metals, and no one came to the crypto space. Then, a few days ago, silver plummeted, and Bitcoin also fell, proving this narrative wrong again. These are the mainstream views I've seen, and I'm really fed up with these people—no matter what asset rises or falls, they can always connect it to Bitcoin...

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