Looking at the three tokens ETH, BTC, and SOL, I want to discuss a serious issue—The greed index is now at 54, are we starting to believe in the light again?

Bitcoin has already surged to the 97,000 level, but the question is: the altcoins don't seem to be following suit. Is this really a bull market returning, or is only the leading coin holding up? The key moment to choose a direction is right in front of us.

Optimists will say: This is a bullish signal, altcoins will soon explode, and it's time to count the money. Pessimists believe: 97,000 is no longer low, and what might follow is a waterfall decline.

Let's look at the technical side. Using daily wave theory:

Starting from 84,408, Bitcoin completed the first wave of the upward structure, establishing a trend with the initial rebound. The second wave retraced with decreased volume to 86,707, without breaking the starting point, indicating support below. The third wave is impressive—rising directly from 86,707 to 92,657, this is the largest upward move within the five-wave pattern. The fourth wave oscillated around 89,682 for a correction, with no overlap with the high of the first wave, remaining orderly. The fifth wave surged from 89,682 to a new high of 97,932, then retraced to 96,430.

The key point is that this level cannot hold. From a technical perspective, the small five-wave pattern has completed, and a possible abc downward correction may follow. This situation won't last too long.