Gold cycles and cryptocurrency cycles are actually often opposite to each other. Only when gold truly enters a long-term bear market do assets like Bitcoin have the potential to break out of a super cycle. Of course, this is just a possibility, not a certainty. If gold begins to plummet, cryptocurrencies are usually dragged down first. Because when safe-haven assets are crashing, the market's first reaction is to sell risk assets to raise cash, so cryptocurrencies tend to fall faster and harder. In other words, at the early stage of gold entering a bear market, the crypto market is likely to be hit hard as well. But often, the true bottom for cryptocurrencies tends to appear around this phase. If gold continues to rise strongly in a bull market, risk sentiment will grow stronger, and funds will prefer to stay in precious metals, making risk assets less attractive to the market. This also makes it difficult for cryptocurrencies. During a gold bull market, cryptocurrencies are easily drained. During a gold bear market, cryptocurrencies may be dragged down first, but they might also hit a true bottom. So sometimes, short-term pain is better than long-term pain. If one day gold really enters a major bear market and drags risk assets down with it, that could very well be the last painful phase for cryptocurrencies. #黄金牛市