In a cryptocurrency bull market, the altcoin season typically goes through the following 5 stages:

1. Bitcoin Stage: Funds first flow into Bitcoin $BTC, pushing its price to new highs, and market sentiment begins to heat up.

2. Quality Large-Cap Coin Stage: Subsequently, funds shift to quality large-cap coins like Ethereum ETH, SOL, etc., driving their prices up, and bullish sentiment in the market is further confirmed.

3. Strong Altcoin Stage: Next, funds enter strong altcoins such as YGG, NEAR, FTM, and INJ, which perform well with significant price increases. Positive news frequently emerges, while negative news is ignored or even interpreted as positive.

4. Mid to Small-Cap Altcoin Stage: Finally, funds flow into mid to small-cap altcoins, including SHIB, DOGE, PEPE, BONK, etc. The market enters a state of complete frenzy, buying leads to profits, candles get larger and larger, prices disregard technical fundamentals, all indicators become distorted, and analysts draw increasingly outrageous prediction arrows.

5. Curtain Call Stage: Bitcoin consolidates at high levels, volatility decreases, and some coins start to stagnate or experience significant pullbacks, while extremely low-cap altcoins see rapid doubling green candles, attracting the attention of new retail investors. This is a signal that the bull market is about to come to an end, yet most people remain standing in the center of the stage, unwilling to accept the curtain call.