After Bitcoin surged to 100,000 USD, many people started to feel anxious. Let's clarify a few key points:

First, let's talk about the halving. The old rule of halving the production every four years means that in the previous three instances, it took about 1 to 1.5 years after the halving to see a major peak. At this pace, the real climax will be at the end of 2025 to the beginning of 2026, and right now we are at most in a halftime break. This current pullback has only dropped 30%, compared to the 45% and 53% dips in 2017 and 2021 respectively, which are really not significant. Miners' cost line is currently at 78,000; if it really drops to this level, they won't be willing to sell, which is equivalent to a natural moat.

Next, let's look at global liquidity. The Federal Reserve may cut interest rates next year, and other central banks are likely to print money as well. Bitcoin is highly correlated with the amount of global liquidity; with more money in the market, it naturally pushes the coin price up. Recently, gold has also hit new highs, and there is a demand for large funds seeking value-preserving assets.