The Bitcoin market already has the premise of starting a bull market, with a high proportion of long-term coin holders and a healthy chip structure. 1. The Bitcoin market has the conditions for the start of a bull market. The Bitcoin market already has the premise of starting a bull market, with a high proportion of long-term coin holders and a healthy chip structure. 2. However, it should be noted that we still judge that there will not be a so-called bull market that will be achieved overnight, and this round of market is mainly driven by leveraged funds, but the real bull market still needs to be entered by new funds. Overheating will inevitably bring adjustment, and when the leverage clearance is completed and the cost of holding the currency falls back to the moving average, it is still a very good time to increase positions. 3. The macro environment is favorable to the crypto market. The dynamics of the dollar index, the unemployment rate and the US Treasury rate indicate that the macro environment will be more favorable for the crypto market. At the moment of looking for market targets that may become emerging tracks, the path and speed of incremental funds entering the market determine the speed of the bull market.