Analysts: The era of big pump bulls and devastating bear markets has ended, Bitcoin will push away all investors during the pump process.

On July 28, Blockware's analyst Mitchell Askew stated that he believes the era of parabolic bull runs and devastating bear markets has come to an end, which aligns with the views of CryptoQuant CEO Ki Young Ju, who believes that the Bitcoin four-year cycle theory "has become outdated." Askew further stated that as Bitcoin's price transitions between "pumping" and "consolidation" phases, its price will soar to $1 million within the next decade. He added, "All the while, it will wear everyone out and push those who are not steadfast to get out of positions." 10x Research CEO Markus Thielen pointed out: "This fifth Bitcoin bull run is characterized by alternating impulse rises and sudden stagnation, rather than stable, high Sharpe ratio continuous climbs. Each market cycle depends on clear catalysts: Fed interest rate expectations, Trump's political momentum, ETF breakthrough progress, or regulatory interventions (such as crackdowns on crypto-friendly banks). Therefore, it is crucial to maintain a continuous focus on macro catalysts and respond quickly to breakout markets. In the crypto space, momentum is driven by events rather than being dominated by timelines."