From the process perspective, both a bull market and a bear market have three stages.

The three stages of a bull market are: a few people see a fundamental improvement and the stock market rises slightly; some people see a fundamental improvement and the stock market rises moderately; everyone sees a fundamental improvement and the stock market surges.

Why is there a final wave of crazy upward movement in the third stage? Because those who have been坚持不追涨买入 (persistently refusing to chase the rise and buy) all along, seeing others around them making money, find it too painful to坚持不了 (not be able to persist), and finally surrender,开始疯狂买入 (start buying crazily). Suddenly, the market is filled with buyers and no sellers.

Currently, silver is in the third stage, and Bitcoin in early October was also in the third stage.