#牛市季来临 Based on historical cycles and current market dynamics, the potential peak analysis of Bitcoin's current 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 form the main support.

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 **Historical Reference**: The peak of the previous bull market (2021) was approximately **$69,000**.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

3. **Optimistic Forecast Range**: Considering the scale of incremental capital (especially ETFs) and market frenzy, 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 anticipated.

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

**Conclusion**: Under positive scenarios, after breaking historical highs, the **possibility of reaching the $150,000 to $250,000 range exists**, but volatility is severe and influenced by multiple variables, necessitating close attention to capital flows and macro signals.