The price trend of Bitcoin in 2025 has attracted much attention. Historically, Bitcoin's price tends to rise after halving, with the next halving expected to complete in April 2024, potentially laying the foundation for a price increase. Currently, there are initial signs of 'activation' in Bitcoin's on-chain momentum; if relevant indicators break through and maintain above 1.0, an optimistic estimate suggests the price could rise to between $150,000 and $175,000; if the indicators fluctuate between 0.8 and 1.0, the price is likely to hover between $90,000 and $110,000. However, it also faces challenges such as regulatory risks and technical risks, and price volatility may become the norm.