Looking back at several key turning points in cryptocurrency, you will find an interesting pattern.

In July 2019, after the Federal Reserve announced a rate cut, the US stock market experienced a strong rebound. But at that time, Bitcoin was in a slump, and the entire market looked at digital assets with cold eyes. Investors' laughter never stopped until October, when Bitcoin began to rise along with the US stocks, breaking the long-standing independent decline.

The more intense turning point was in 2020. The brutal crash on March 12 is still unforgettable—many investors using 2x leverage to long Bitcoin and Ethereum were liquidated, and BNB even dropped to $3. Once again, the entire market was filled with ridicule.

But history loves to slap back. Although the gains after March 12 lagged behind the US stocks, by October, an unanticipated violent bull market suddenly arrived. The whole world couldn't help but laugh.

What do these experiences tell us? First, being mocked is almost a norm in digital currency investing—true conviction cannot exist only during upward trends. Second, the essence of Bitcoin is to achieve breakthroughs amid all doubts, and this trait has never changed. Lastly, we should also be cautious that even after a rate-cut cycle, events like the March 12 liquidation can still occur, especially for leveraged traders.

In the current market environment, these historical lessons are still worth reflecting on.