#牛市季来临 Based on historical cycles and current market dynamics, the potential peak analysis for Bitcoin in this bull market is as follows:

1. **Core Drivers**: Continuous massive capital inflow from spot ETFs, the four-year 'halving' supply tightening effect, and potential interest rate cut expectations provide major support.

2. **Historical Reference**: The peak of the previous bull market (2021) was around **$69,000**. Institutional participation has significantly deepened this time.

3. **Optimistic Forecast Range**: Considering the scale of incremental capital (especially ETFs) and market euphoria, the **$150,000 to $250,000 range** has become a potential target discussed by several top institutions and analysts. In an extremely optimistic scenario, even higher levels are being considered.

4. **Key Risks**: A macroeconomic reversal (recession/high interest rates maintained), sudden severe regulation, significant technical corrections, or major security incidents could suppress price increases.

**Conclusion**: In a positive scenario, after breaking through historical highs, there is a **possibility to reach the $150,000 to $250,000 range**, but the volatility is severe and influenced by multiple variables, so close attention to capital flow and macro signals is required.