Recently, the fluctuations in the Bitcoin market have raised investors' doubts about the sustainability of the bull run. However, a deeper analysis indicates that this is more likely a market rhythm adjustment rather than a reversal of the overall trend.

Bitcoin is currently showing characteristics of weakening momentum, declining trading volume, and diverging investor sentiment. These phenomena are actually common occurrences in the bull run process, reflecting the necessary adjustments and consolidations the market undergoes during its upward trajectory. The development of a bull run is usually not achieved overnight, but is gradually advanced through the continuous clearing of short-term speculators and promoting the turnover of investors.

It is worth noting that the performance of the Nasdaq index has a significant impact on the cryptocurrency market. As an indicator of risk appetite, the strength of technology stocks often signals the sentiment direction of the crypto market. The current market state is not a complete withdrawal of funds, but rather investors are looking for the best timing to re-enter.

Therefore, when voices of the end of the bull run emerge in the market, it may instead mark the beginning of a true market test. The essence of a bull run does not lie in rewarding the most aggressive participants, but rather in favoring those investors who can hold long-term.

In this uncertain market environment, investors need to remain calm and rational, focusing on long-term trends rather than short-term fluctuations. The fundamentals of mainstream cryptocurrencies like Bitcoin and Ethereum are still strong, while emerging blockchain projects like Solana continue to showcase their potential.

Short-term fluctuations in the market may pose challenges, but they also create potential opportunities for long-term investors. When assessing market conditions, investors should consider a variety of factors, including the global economic situation, technological developments, and the regulatory environment, rather than just focusing on short-term price trends.