The slope of this round of NASDAQ’s rise—normally, a nearly vertical upward move like this, surging almost along the angle—more often appears in the late stage of a bull market or when sentiment is approaching a complete loss of control, and it rarely lasts this long.

Many people compare it to the internet bubble of 2000, but the underlying logic is actually a bit different. Back then it was mostly pure concept speculation, whereas this round of AI is at least truly being implemented—truly creating revenue and efficiency—which is why people feel even more conflicted.
The more a market has fundamental support, the easier it is for people to lower their guard, and then it pushes higher all the way, forcing short covering.
Many people aren’t that they can’t understand it—they just don’t dare to chase it. The result is they watch it rise every day; the more it rises, the more afraid they are to get on the train, and in the end they can only “stare in disbelief.”
What I care about now isn’t really how much more it can rise, but:
If NASDAQ later begins to pull back noticeably in some phase, how will the crypto market move?
Because now BTC is increasingly looking like a high-volatility version of a risk asset in the US stock market. When US stock sentiment is good, it follows and amplifies the rally; once the outside world’s risk appetite declines, it usually falls faster.
Especially after ETFs and institutional capital have fully moved in, the linkage between the crypto market and traditional markets is actually deeper than many people imagine.
So if NASDAQ later sees real, truly significant-level adjustments, I don’t think the crypto market can stay unaffected.
The difference may only be:
Whether BTC drops directly, or first holds up for a while before making up the decline later. Personally, I still lean toward the idea that in the second half of this year—during the US midterm elections—the US stock market will pull back, and the crypto market will move in sync then, and at that time there will truly be a great opportunity.#Gate广场五月交易分享