Let me share my personal views: 1. Based on Mike's continuous buying at this position, I believe the price of Bitcoin is still far from its peak. If we consider the period around interest rate cuts, I would conservatively guess it could reach 140,000; 2. Since institutions have entered the market on a large scale, the price movement of Bitcoin has changed. We see small pullbacks followed by large surges, and we are currently in a long-term bullish trend. However, upon observation, we can see that as the price of Bitcoin rises, the magnitude of each surge after a pullback is gradually weakening. The reason is simple: the price is higher, and more capital is needed for the surges, so the increments will become smaller; 3. I believe that when the pullback exceeds 30%, it will signal the end of the overall Bitcoin bull market; 4. As for altcoins, over 90% will go to zero because 99.99% of the altcoins in the crypto space are scams. As the market matures and players become more sophisticated, these scams will no longer deceive people, leading them to zero. The remaining ones will either be genuinely meaningful new altcoins or older altcoins that have become meaningful. For example, if UNI activates its dividend switch, it becomes meaningful; if it doesn't, it's just a worthless token; 5. However, before altcoins go to zero, it won't prevent a collective surge when liquidity is truly abundant. I can't imagine a scenario where all coins soar, but it will be similar to the period from October 2023 to March 2024.