Recently, Bitcoin has shown a volatile trend, but the market generally holds an optimistic attitude towards a rebound in the second quarter. Although in March, the price briefly fell below 90,000 due to heightened risk aversion, Wall Street predicts a strong rebound in Q2, mainly supported by expectations of a shift in Federal Reserve policy and inflows of institutional funds. Current volatility remains high (3.37%), reflecting insufficient market liquidity and intense long-short competition. In the short term, attention should be paid to the impact of macroeconomic data (such as non-farm employment) on interest rate cut expectations; if the data is weak, it may further drive up the cryptocurrency market. In the long term, the halving effect and increased institutional holdings remain core positive factors.