Although the total market capitalization looks less than ideal, from a technical perspective it still maintains higher lows — indicating there is support.

Compared to previous cycles, this wave's trend is indeed less smooth, but it seems that this is the best we can do for now.

The key is that as we enter the period around 2026, the high-level zone becomes particularly important. This could become a critical point that determines the subsequent direction. It is worth paying close attention to this time window.