Recently, many people have been debating one question: When will the bear market truly end? Is it time to fully enter the market now? Honestly, there is no standard answer to this, but from the perspective of market cycles, the cryptocurrency market in 2025 has indeed reached a critical point—transitioning from the "late bear market to early bull market."

The operational rules of the crypto market are actually traceable. Looking at historical data, you'll find that roughly every 4 years, a complete cycle occurs, including four stages: bear market, early bull market, mid bull market, and late bull market. To determine which phase the current market is in, three core indicators should be considered: Bitcoin halving cycles, market sentiment index, and capital flow trends. When these three indicators are combined, they largely indicate a transition from the "late bear market to early bull market."

First, let's talk about the first indicator—the Bitcoin halving cycle. Bitcoin halving occurs approximately every 4 years. The last halving happened in 2024. Historical experience shows that 1-2 years after each halving, a bull market usually begins. Since the 2024 halving, more than a year has passed, and the market is digesting the halving's impact, gradually entering an upward trajectory. Halving itself is not the sole driver of a bull market, but it is an important milestone—signaling tightening supply and supporting the price.

Additionally, both market sentiment and capital flow are sending positive signals. When these factors are considered together, they indicate that a major cycle transition has already begun.