Many people think:

The bull market started because of positive news.

But looking back at previous cycles, you'll find:

Most of the time,

Prices first rise,

Then positive news appears,

And finally everyone believes in the positive news.

━━━━━━━━━━━━

【2018】

ICO bubble burst

BTC:

20,000

↓

3,200

Down 84%

The whole network was saying:

The crypto industry is over.

Then:

2019

BTC:

3,200

↓

14,000

Up 337%

━━━━━━━━━━━━

【2020】

Global pandemic shutdown

Fear index drops into single digits.

BTC:

3,800

↓

69,000

Up 1,716%

When everyone is fleeing risk assets,

Large funds start quietly accumulating.

━━━━━━━━━━━━

【2021】

519 crash

Mining farm migration.

BTC:

64,000

↓

29,000

Down 55%

The market thought the bull market was over.

Result:

A few months later, new all-time highs were reached again.

━━━━━━━━━━━━

【2022】

LUNA collapse

Major institutions fail one after another

Centralized platforms explode

BTC:

69,000

↓

15,500

Down 77%

Fear index drops into single digits.

The most discussed topic in the market:

Will BTC go to zero?

━━━━━━━━━━━━

【2023】

Interest rate hikes continue;

Regulatory pressure intensifies;

Bank crises erupt.

All are negative signals.

But BTC:

15,500

↓

31,000

Up 100%

Smart money begins to deploy.

━━━━━━━━━━━━

【2024】

BD applies for ETF approval.

Traditional capital officially enters.

BTC:

31,000

↓

73,000

Up 135%

ETFs become one of the most successful financial products in history.

But note:

When the ETF is approved,

BTC has already risen over 100%.

The ETF is a confirmation signal,

Not a trigger signal.

━━━━━━━━━━━━

【2025】

Global funds start re-pricing digital assets.

ETFs continue to accumulate.

Institutional allocations keep increasing.

BTC breaks new all-time highs.

Many think the rise is due to positive news.

In reality,

Large funds had already completed their layout before the positive news was announced.

━━━━━━━━━━━━

【2026】

Geopolitical conflicts escalate;

Global liquidity contracts;

Fear index drops into single digits again.

The market begins to discuss again:

Is the bull market over?

━━━━━━━━━━━━

Looking back at history:

2018 panic

Led to the rebound in 2019.

2020 panic

Led to a super bull market.

2021 panic

Led to new highs.

2022 panic

Led to the ETF cycle.

2025 panic

Led to the main institutional rally.

2026 panic

Is currently being tested by the market.

━━━━━━━━━━━━

History does not simply repeat.

But human nature does.

At every moment of extreme panic,

The market believes:

“This time is different.”

But in the end:

Those who sell in panic,

Often sell at the bottom.

Those who buy in panic,

Often capture the biggest profits in the next cycle.

━━━━━━━━━━━━

Bull markets are never born from applause.

They are born from doubt, fear, and despair.

When everyone is looking for reasons to sell,

Smart money is often already looking for reasons to buy.