#BTC重返10万 - **Halving Effect**: The fourth halving is expected to be completed in April 2024 (block reward will decrease from 6.25 BTC to 3.125 BTC), historically, halvings have often been followed by bull markets 1-1.5 years later.

- **Institutional Capital Inflow**: U.S. spot Bitcoin ETFs (such as BlackRock and Fidelity) are attracting significant capital, which may increase long-term demand.

- **Macroeconomic Environment**: If the Federal Reserve lowers interest rates and the dollar weakens, the crypto market may benefit from liquidity easing.

- **Technological Upgrades and Ecological Development**: Layer 2 solutions (such as the Lightning Network), as well as the recovery of DeFi and NFTs, may enhance the utility of BTC.