Currently, both the U.S. stock market and the Crypto Assets market are showing a high level of greed, which often indicates that the market is in a rise phase. However, we also need to be vigilant, as the market is always undergoing cyclical changes.

Recently, Bitcoin briefly broke through the $120,000 mark, but subsequently experienced a pullback. This phenomenon indicates that the upward momentum of Bitcoin, as the leader of Crypto Assets, may be weakening. In the later stages of a bull market, Bitcoin is usually no longer the main driving force of the market.

Next, the market focus may shift to Ethereum and other mainstream Crypto Assets. It is expected that in the early fourth quarter of this year, Bitcoin still has the potential to break through $150,000 or even higher levels, but the overall trend may show a fluctuating rise.

In the later stages of a bull market, the largest gains may no longer be seen in Bitcoin, but rather in other mainstream Crypto Assets, which may ultimately shift towards small-cap coins. This rotation effect is a typical characteristic of the Crypto Assets market.

Investors need to realize that the market always has its ups and downs. The greater the current rise, the deeper the possible future pullback may be. Grasping the laws of market cycles is crucial.

Human nature plays an important role in investment. Herding is a common phenomenon, and market sentiment may shift from greed to even greater greed in the short term, but ultimately it may fall into fear. Excessive focus on news may instead affect decision-making ability.

A successful investment strategy lies in grasping the big picture rather than overly pursuing precision. Whether at the market top or bottom, do not expect to obtain 100% certain signals. Investment requires balancing risk and opportunity, continuously learning and adjusting strategies.