From bottoming out at 20,000 to accurately timing the top at 120,000, and then achieving a 5x return—stories like these sound enticing, but how many people can truly do it in reality? Even if some can, does that really represent the overall level of the bull market?

What’s more thought-provoking is that, as Bitcoin’s market capitalization soars and its growth potential becomes relatively limited, what else can the crypto space rely on to attract a continuous influx of new investors? Relying solely on Bitcoin’s remaining few percentage points of growth is clearly not enough.

This precisely exposes a problem: without altcoin rotation cycles, it’s difficult to sustain the vitality of a bull market relying solely on the massive Bitcoin. With Bitcoin’s current market cap already so large, its future growth space is inevitably constrained. Whether the crypto space can find new growth engines is the key factor that will determine how far the next market cycle can go.