The current rally in global capital markets, from stocks to precious metals to digital assets, all points to the same driving force—the accommodative monetary environment. As the engine of the global economy, policy orientation often responds quickly, and the momentum in the crypto market largely stems from this as well.

From a timeline perspective, a key milestone will be May 2026. That is when the Federal Reserve completes its leadership transition and a new chair takes office. If the new management indeed leans toward interest rate cuts, the market could see multiple rounds of positive signals. It sounds promising, but be cautious—currently, the gains are somewhat a "pre-delivery" of future expectations. If reality diverges from these expectations, capital can reverse instantly.

However, looking specifically at the crypto market, the policy stance remains supportive, providing industry participants with relatively certain confidence. Following this logic, the end of this bull market is most likely to be written when the supportive policy window closes—that is, in the last few months of the current term. At that point, how far main assets like BTC and ETH can go depends on whether reality can continue to satisfy the market's appetite.