This bull market cycle started about 4 months earlier than in previous large cycles. After institutional bull-market characteristics formed in 2024, the duration of the bear market was compressed. That’s why the pace of the bear-to-bull alternation in this cycle is abnormally fast—so fast that, at the very moment of the emergency stop at the end, it must be a dramatic upheaval.

For the next three years, the US stock market and cryptocurrencies will most likely remain in a bull market. My prediction is: in 2029 the AI bubble bursts, the US stock market crashes, and the world enters a Great Depression.

The backdrop of the current era is highly similar to the 1921–1930 period:
- The post-global-pandemic era (Spanish flu vs. COVID-19)
- Global supply-chain disruptions, with the real economy recovering slowly
- 1921’s wild surge in US stocks vs. 2021’s frenzy in the crypto market—exactly 100 years apart
- Escalating geopolitical conflicts
- In 1929, the US stock market suddenly collapsed, and global capitalism entered a prolonged Great Depression. Countries began疯狂抢掠海外资源 to shift internal contradictions—these were objective factors before World War II. History always rhymes.

The major pullback from late June to early August shows that within a single month, most of the declines were already completed. The bear market has been shortened to the extreme—so fast that people can’t even react in time.

This is the last chance for investors to turn the tables.