Simply expressing my personal opinion, the liquidity of the entire currency circle is relatively fragmented, and the liquidity that supports the price of the pie to continue to rise is very weak Before the Fed didn't cut interest rates, the top of the pie should be the current range of 110,000, and after the Fed cut interest rates, I feel that the price range is also in the range of 12-130,000 I think the bull market cycle in the current round of the currency circle is nearing the end, but Bitcoin will not have a large level correction like in previous cycles. It is more likely that bitcoin will fluctuate with the trend of gold and US stocks, and now bitcoin is in another consensus-building phase (safe-haven or risky assets), and after the new consensus is established, bitcoin may not have another 4-year cycle. Another point of view is the cottage season, my personal investment style is more cautious, I will not buy cottages, if you have to argue whether there is a cottage season, carving a boat for a sword, if it is the kind of cottage flying scene, I don't think it will appear The current copycat market, I think it is more like A-share ST shares, institutions will not buy, and they are not allowed to buy, a large number of token projects, projects with a little conscience pull to save themselves, and those who have no conscience directly pour their chips.