When will this bull market end? The cryptocurrency market seems to be entering a phase of active growth. The rise in Bitcoin prices has driven the entire cryptocurrency market up. But every investor will ask a question: when will the bull market end and when will profits be locked in? Perhaps market cycles and liquidity levels can provide answers. Market cycles are a recurring phenomenon in the financial sector, and cryptocurrencies are no exception. These cycles reflect the changes in liquidity between different asset types and investor behavior over time. The Stage of Cryptocurrency Bull Market Cycle Phase 1: Fiat → Bitcoin Each bull market cycle usually begins with new funds flowing into the cryptocurrency market through Bitcoin. Institutional investors, hedge funds, and cautious retail investors view Bitcoin as the safest and most reliable way to enter the cryptocurrency industry. Bitcoin is the most recognized and liquid cryptocurrency asset, making it the preferred asset for beginners or large funds. This influx of funds has pushed up the price of Bitcoin and set the tone for the entire market. Phase 2: Bitcoin → Large altcoins Once Bitcoin enters a bull market, investors (including large hedge funds and companies) will turn to large altcoins such as ETH, SOL, BNB, etc. in pursuit of higher profits. The dominant position of Bitcoin is beginning to decline, marking the beginning of a comprehensive shanzhai season. For example, during the bull market in 2021, when Bitcoin reached its peak in March, the total market value of altcoins increased by 95% in May 2021, two months later, reaching its peak. Phase 3: Large scale altcoins → Medium market value and popular speculative tokens As confidence and enthusiasm increase, investors' attention shifts to tokens that are smaller in scale, less liquid, but considered to have high potential. Investors speculate on projects with medium market value, expecting returns of 10 or even 100 times. The market volatility has intensified, and greed and FOMO psychology have emerged. Although some currencies have gained huge profits, there are also some currencies that quickly disappear. Stage 4: Final Stage - Meme Coin When rationality gives way to fanaticism, meme coins like DOGE, SHIB, and PEPE will become the new favorites in the market. Meme coin lacks fundamentals, and its price is entirely driven by emotions, celebrity endorsements, and social media hype. The surge in Meme coin activity often heralds the peak of frenzy, indicating that the cycle has reached its peak and the risks in the cryptocurrency market have become too high. According to historical data from the previous cycle, the peak of Meme coin marks a decline in the entire cryptocurrency market. In October 2021, the total market value of Meme coin began to decline, and in early November, Bitcoin reached its final peak before starting to decline.