The question of when Bitcoin's bull market will begin doesn't always get the same answer, does it? Lyn Alden pointed out an interesting point in her recent interview — while institutional investors have made significant progress with Bitcoin, individual participation remains very weak. This could be the main reason why the market hasn't reached its full potential yet.

Alden's observations are particularly noteworthy when discussing the four-year cycle theory. Expectations that Bitcoin will surpass $100,000 in 2024 have been exceeded, but the big bull market everyone is waiting for has not fully started yet. It's often said in the crypto world that "when everyone says Bitcoin is dead," that's when things start to change — and this time, it seems to be exactly that.

It may take more time for individual investors to join the crypto bull market. Institutional money has already started moving, but without mass participation, a true major rally is difficult to achieve. I think we might currently be in this waiting period. Fortunately, history shows that such times often present the best entry points.