The Evolution of the Cryptocurrency Market: No Strong Bull Market or Weak Bear Market

After experiencing the first two cycles of price increases and decreases in the cryptocurrency market, these cycles are very different.
Traditional Bull Market: Bull markets like in 2015, 2017, and 2021 all feature parabolic surges.
A fever occurs, with prices skyrocketing in a parabolic shape, profits multiplying many times, the spread of FOMO, and altcoin mania. Anyone participating makes money at the peak of the bull market.
Traditional Bear Market: Prices drop more than 77% from the peak, lasting 1-2 years, accompanied by extreme panic.
After leveraged liquidations, a complete crash occurs, with a large amount of cryptocurrencies becoming worthless.
The so-called bottom is reached by continuously halving the price, market psychology plunges, many predict BTC will become worthless, and many others leave the industry.
A true bottom is only achieved after 1-2 years of continuous correction.
Based on historical data, both the current bull and bear markets do not meet the standards of the past.
In this cycle, BTC even fails to reach 150,000, far below the expectations of a bull run. There is no widespread enthusiasm, no innovation, only participation from institutions.
The bear market only adjusts downward by 50%, with calls to buy during continuous price declines, but without despair, no bottoming out from fear, and very few people leave the market.