Recently, I have seen many KOLs defining the present as "Niu Chu", which I don't agree with. I believe that the period from the time when the Federal Reserve decides to stop raising interest rates to when it starts to cut interest rates is a period of bullish and bearish transition. According to the characteristics of the first three halving cycles of Bitcoin, the start of the Bitcoin bull market is generally based on the halving time. For example, the third round of halving is on May 12, 2020, which coincides with the bull market officially starting on May 10. The 3-day rebound cycle has lasted for 12 months, with an upside of 50,000 points.