The interesting thing about this round of the market is — while market sentiment seems hot, the real upward momentum actually requires retail investors to exercise restraint.

Research from a certain on-chain analysis platform points out that the most ideal situation now is not everyone being bullish, but rather retail investors remaining cautious or even a bit impatient. This may sound counterintuitive, but the logic holds: when everyone is calm, prices tend to rise more steadily.

The current positive sentiment may just be a rebound of funds after the holiday. The real test lies here — if Bitcoin quickly surges to $92,000, retail investors will get envious and follow the trend collectively, FOMO emotions will rise, and large amounts of capital will flood in over a short period. Such a surge is very likely to cause a sell-off. From a technical perspective, it looks good, but psychologically, it’s a ticking time bomb.

In summary, a bull market requires sober participants, not a crowd swept up by emotions.