10.23 Has the bear market arrived, or has the bull market not yet started? 1. In August 2017 and August 2020, gold hit a periodic high, and shortly after, the crypto market entered the main bullish wave; BTC dominance also experienced its final rotation, first surging and then crashing. 2. Currently, with gold peaking + consecutive rate cuts + the end of QT, the shift in risk appetite in the capital market will inject significant liquidity into the crypto space. Now is not the time to focus on bears; the bull market might not have even started yet.