Recently, Bitcoin has returned to the $100,000 mark, mainly driven by accelerated institutional entry, expectations of Federal Reserve interest rate cuts, and global risk-averse sentiment. The anticipation for BlackRock's Bitcoin spot ETF application approval is increasing, further attracting inflows from traditional financial funds. However, there are still risks of severe price volatility, regulatory uncertainty, and a decline in market momentum after the halving. Short-term spikes may be accompanied by technical correction pressures, while the long-term trend still depends on the evolution of the macroeconomic and policy environment.