Sometimes the bulls are back, sometimes the bears are back. Which stage of this cycle are we in?

1. The author questions the effectiveness of collective wisdom in financial market decision-making, arguing that human behavior is often irrational when it comes to money.
2. The article reviews market changes since the FTX crash in 2022 and predicts future market trends by comparing the price trends of Bitcoin and Ethereum.
3. The author discusses the potential impact of ETF approvals, institutional capital inflows, and changes in the structure of the cryptocurrency market on the market.
4. The article provides a perspective on the deep understanding of the crypto market, including an exploration of the cyclical position of the market and a forecast of future market trends.
5. The author shares that he has low personal confidence in the short-term price action of the market and is not very confident about the market situation in the next 6 months, but believes that the market is still in the early stages of the cycle.