In June 2022, the cryptocurrency market experienced a severe downturn. At that time, the price of Ethereum fell to around $800, and market sentiment was extremely pessimistic. Financial institutions faced consecutive issues, large investors encountered forced liquidations, and the Federal Reserve's aggressive interest rate hike policy led to a rapid outflow of funds, plunging the entire cryptocurrency industry into a deep recession.

However, just two months later, the price of Ethereum soared to over $2000 due to upgrade expectations, more than doubling. This dramatic reversal fully demonstrates the unique charm and cyclical characteristics of the encryption market.

Looking ahead to 2025, many investors are optimistic about the arrival of a bull market. This expectation is not unfounded, mainly based on the upcoming halving event of Bitcoin. Considering that Ethereum upgrades can bring significant gains even in difficult environments, the halving of Bitcoin may have even more far-reaching effects. After the halving, the number of newly mined Bitcoins will be drastically reduced, increasing its scarcity. At the same time, if the Federal Reserve shifts to a loose monetary policy and market liquidity increases, Bitcoin, as a hard currency, is likely to benefit.

However, the key to profiting in the cryptocurrency market lies in having the courage to buy at the bottom and hold long-term. At the bottom in late 2022, many investors missed the opportunity due to panic. In contrast, those who bought heavily at the low and held until the high reaped substantial rewards. The fundamental principle of cryptocurrency investment is to buy low and sell high, but most people often miss the best buying opportunities due to fear or sell too early due to an inability to endure volatility.

It is worth noting that with the increase in Bitcoin's value and the entry of large institutions, market volatility has indeed decreased. However, this cyclical pattern may still exist for at least two bull market cycles in the future. The performance of the Ethereum upgrade in 2022 and the upcoming Bitcoin halving event in 2025 may both bring significant opportunities to the market.

Finally, for those who still doubt the value of cryptocurrencies, it is understandable to choose not to participate. In recent years, the cryptocurrency market has grown from hundreds of billions of dollars to trillions of dollars, with tens of millions of people around the world involved. Regardless of individual positions, this rapidly evolving industry deserves attention and consideration.