The Three Stages of a Bull Market: Always Cyclical, Never Changing Every bull market feels like a replay of the same drama, only with different actors, chains, and narratives. But the rhythm? It never changes. Step 1: Bitcoin Leads the Way The prologue of every bull market is always BTC's gradual climb. It brings confidence, attracts capital, and sets the tone for the market. At this stage, most people are still observing, still skeptical, but smart money has already started positioning. Has the bull market truly begun? Look at whether Bitcoin has broken out to new highs first. Step 2: Mainstream Coins Surge (Including Value Coins) Once BTC stabilizes, mainstream coins like ETH, SOL, and BNB take the baton. High-market-cap value coins take turns skyrocketing, and sectors like MEME, DeFi, L2, and infrastructure all ignite. At this point, the media starts hyping, data begins to explode, and you'll see a flood of news about "XX ecosystem booming." Most of the profitable opportunities are hidden in this phase, which is the healthiest period of surges. Step 3: Trash Coins Fly Wildly, Musical Chairs Begin This is the climax of the bull market—a bunch of coins nobody has heard of suddenly surge 10x, 20x; the meme sector churns out new players daily, and every day there's "The next $PEPE." Capital starts to detach from rationality, projects play on short-term emotions, and "cutting the leeks" becomes a mutual agreement. True FOMO emerges in this stage, but so does the real risk. So, don't rush—markets always come in waves. Where are we now? BTC has already rebounded, ETH is just starting, and value coins are heating up. I believe we're still in the early to mid-phase of Step 2. The real climax hasn't arrived yet. The true madness is still ahead.