Based on my observations as someone in the media industry, many tools show that retail investors have actually been in a bear market for a long time. In this cycle, apart from some strong major coins like SOL, BNB, and XRP hitting all-time highs, most other altcoins are just in a long-term bear market rebound. The most classic example is DOT. In reality, only Bitcoin truly aligns with the 4-year cycle because it's driven by BTC's own supply and demand logic.