Everyone is asking the same question: Is the bull run doomed? Is there going to be a big dump in November?

Don't rush to follow the crowd and sing the blues. The actual situation may be completely contrary to what most people think – there is a high probability that November will not see a panic fall.

**First, clarify what a true peak is**

Many people shout that the peak has been reached when they see prices rise too high and for too long, which is actually being deceived by superficial phenomena.

If the market is really about to peak, there is one key signal: large funds have cleared their chips.

How to clear it out? It will inevitably be accompanied by a big dump. Because only with huge trading volume can the chips flow from the big players to the retail investors. To put it bluntly, someone has to take over for the main force to be able to exit.

But what is the current market situation?

After rising from $15,000, each pullback has seen a decrease in volume – meaning there isn't much capital moving in; the Federal Reserve is still in a rate-cutting cycle, the liquidity environment hasn't worsened, and the capital situation continues to support prices moving upward.

**The market sentiment holds the answer**

Now the screen is full of voices saying "the bull run is over", and everyone is waiting for a big dump to buy the dip.

Have you ever thought about this question: If everyone is waiting for a fall, who will the main players sell their assets to?

If retail investors don't frantically chase highs, how can the main players perfectly retreat?

The current pessimistic sentiment precisely exposes a fact: either the main force hasn't even started to truly offload, or the target price hasn't been reached yet, so what's the rush?

**The game has not reached the closing stage yet**

From the perspective of technical patterns and capital flow, the market is likely still halfway through. The story of this cycle may not be over yet.