The Kingdom of Bhutan has also started selling BTC. Many people say this amount is insignificant, of course, these people only see the surface, only look at pump and dump, and do not think about the underlying logic. I believe Bhutan's selling of BTC can represent a signal, which is that BTC is currently not at the top and is not far from it. I still hold the view that Bitcoin is likely to迎来一次“冲顶”行情, as the closing phase of this cycle. In terms of target setting, the conservative expectation is $130,000, the regular judgment is $150,000, and if market sentiment is amplified again, the aggressive target can reach $170,000.

Let's talk about this phase of the market nearing its end

1. Some people think the four-year cycle has been broken, but I still believe that this cycle isn't truly finished yet. It's already the second half of 2025, and there isn't much time left for Bitcoin to perform. Don't be too optimistic, and don't be too numb; it's better to stay alert.

2. If you feel that this bull market hasn't risen enough, don't be too discouraged. To be honest, this round of the crypto space hasn't really shown much concrete progress. There haven't been any revolutionary breakthroughs technically, and there haven't been any new narratives that can change the world ecologically, so the market naturally doesn't have a strong trend.

As Buffett says, prices ultimately revolve around value. Bitcoin has support for continuous growth because more and more people are treating it as the 'hard currency' of the digital age. Other projects, if they cannot truly create actual value, even if they were once brilliant, will find it hard to achieve good results in the long term—Ethereum may not be an exception.

So if you missed this round, that's okay. The market will always give opportunities to those who are patient. The next round might be in 2027 or 2028, so don't rush; take your time to refine your understanding and accumulate slowly, it will eventually come around to you.