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As shown in the figure, the comparison between 2021-2022 and 2025-2026 indicates that the overall trend has been almost the same so far. The medium to long-term view remains the same: after the completion of wave X, wave Y will decline. The end of wave X has not yet been observed, and the formation of its end is still unclear.
BTC is rising, but old coins are not increasing. When Bitcoin declines, old coins fall even more sharply. The market has changed: during a bear market, all cryptocurrencies are in a bear phase; during a bull market, only a few coins are in a bull phase.