Why do many investors believe that the real Bitcoin bull run has not yet arrived? This phenomenon reflects an interesting market psychology. Since the beginning of 2024, the price of Bitcoin has soared from $30,000 to $120,000, but most retail investors seem not to have truly participated in this rise.

This situation has led to a common cognitive bias: many people believe that a true bull run only begins when Bitcoin breaks through the $130,000 barrier. However, in reality, the bull run has quietly started long ago; only most investors have missed this wave of market.

This phenomenon reflects the uniqueness of the cryptocurrency market. Compared to traditional financial markets, Bitcoin's price volatility is more extreme, and its rise is more astonishing. This makes it difficult for many retail investors to accurately grasp the market rhythm, often realizing the arrival of a bull run only after prices have already surged significantly.

At the same time, this highlights the challenges faced by retail investors when confronted with the rapidly changing cryptocurrency market. A lack of expertise, delayed responses to market dynamics, and a cautious attitude towards high-risk investments can all lead to them missing out on important investment opportunities.

For those who intend to participate in Bitcoin investment, this phenomenon reminds us to pay more attention to market dynamics and to improve our investment knowledge and skills. At the same time, it is important to recognize that the definition of a bull run does not solely depend on a specific price point, but rather on the overall market trend and the comprehensive performance of the investment atmosphere.

In any case, this characteristic of the Bitcoin market once again proves the importance of the 'buy and hold' strategy in cryptocurrency investing. Those who entered early and adhered to long-term holding often reap the greatest benefits from such significant price rises.