Can Bitcoin reach $100,000? This is a key point for whether the market can initiate a new cycle. Once it breaks through and stabilizes at this level, the first wave of capital entry will trigger a FOMO effect, with a large number of retail investors and institutions following suit.

This will be followed by a rally in Ethereum. After Bitcoin captures attention, Ethereum, as the second-largest public chain asset by market cap, often absorbs this wave of capital splashing in, and on-chain activity will also rise accordingly. This phase is usually accompanied by renewed activity in DeFi and NFTs.

Then, the privacy sector will enter a sustained hot state. Since last year, privacy coins like ZEC have been highly regarded, and this narrative will continue to ferment in this cycle, especially when market sentiment is high, and the demand for privacy protection will be re-evaluated.

Meme coins will also not be absent. As community enthusiasm rises, short-term capital will flow heavily into these highly volatile assets, forming a rapid rotation market.

Finally, the true development of technological narratives will unfold. When the capital and sentiment foundations are fully laid, upgrades to Bitcoin and Ethereum infrastructure, new technical solutions like x402, and cryptographic innovations such as fully homomorphic encryption will become the core drivers of the next phase of value growth. This is the transformation from hype to value.