The market has gone crazy. Bitcoin soaring to 180,000 and 240,000 USD? These words sound just like the predictions in 2023 that "Bitcoin will reach 150,000," all of which seem like a joke.

But what’s truly terrifying isn’t the short-term fluctuations on the daily chart, but the full picture when viewed over a longer period.

Looking back at several key moments over the past two years makes it clear: after Japan’s interest rate hike in March 2024, Bitcoin first plunged 23%, then skyrocketed 90%. By July, the entire network was panic-selling, dropping 30%, followed by an epic rebound of 120%. In January 2025, market sentiment completely collapsed to -32%, then surged again by 70%.

Now, in December 2025, the sentiment indicator has dropped to -37%—this is not a sign of minor fluctuations, but a historic low. According to the patterns of previous cycles, such extreme sentiment has always been the starting point for a 150%-200% main upward wave.

What’s even more chilling is that the total market cap of cryptocurrencies has retreated to levels from four years ago, while traditional assets like US stocks, AI, and gold have expanded by $40 trillion at the same time. A super bull market that has been suppressed for five years might really be coming. If this rally doesn’t see a full breakout of altcoins, what will disappear isn’t just retail investors’ funds, but the entire industry’s future imagination space.

The key question is: what are smart money looking at?

Most people, upon hearing signals of an impending breakout, their first reaction is to go all-in, increase their positions, and look for the next hundredfold coin. But those who have experienced multiple cycles think about something else—how to stand firm in this huge wave, and more importantly, how to truly bring profits home.