The large pancake is in a short-term fluctuation and consolidation, but the long-term bullish logic remains unchanged.

Key support level at 104,500 may break or test 100,678, the daily ascending channel has not been broken, and the medium-term trend is still strong.

Institutional funds continue to flow in, with over $1.5 billion flowing into the US spot Bitcoin ETF weekly, combined with expectations of interest rate cuts by the Federal Reserve (150-200 basis points cut in 2025), forming core support.

The halving cycle effect is fermenting: after the halving in April 2024, supply will tighten, and historical patterns indicate a price peak 12-18 months later. Standard Chartered is bullish, predicting a rise to $120,000 in Q2 2025, while Galaxy Digital expects it to reach $150,000-$200,000 by the end of the year.

An effective breakout above the previous high of $112,000 will open up the main upward space.