We are still in a situation of high interest rates + liquidity restrictions, which does not fully meet the standards of a bull market.

I know what many of you want to say. If it weren’t for the bull market, how could the U.S. stock market break new highs one after another? If it weren’t for the bull market, how could Bitcoin break new highs one after another?

But if we deny that it is a bull market now, why can prices continue to break new highs? Isn’t this a contradiction?

In fact, there is no contradiction, and there have been precedents in history. This precedent is the Internet wave.