Bitcoin has smashed through the $104,000 mark, surprising traders and investors around the globe.# This milestone marks one of the most significant movements in 2025 and raises one big question: Are we witnessing the start of a new bull run, or is this just another short-term price spike?

Several key factors are contributing to this rally. First, there's renewed optimism surrounding interest rate cuts in the U.S. The Federal Reserve has been signaling a possible pivot, and investors are increasingly viewing Bitcoin as a hedge against inflation and economic uncertainty. When traditional markets become shaky, Bitcoin often becomes the go-to asset for many investors looking for long-term value.

Second, institutional demand is growing once again. Major financial firms are increasing their exposure to crypto, and recent ETF inflows are adding significant volume to the market. This institutional interest brings both credibility and capital to the Bitcoin ecosystem, helping push prices higher.

Third, Bitcoin’s recent halving is playing a crucial role. The reduction in block rewards has historically led to supply shocks and price increases. With fewer new coins entering circulation and demand remaining strong, the laws of supply and demand are starting to take effect once again.

We also can’t ignore the psychological impact of major price levels. Crossing $100,000 is more than just a number it’s a symbol. It reinforces confidence among long-term holders and attracts fresh attention from retail investors who may have been waiting on the sidelines. This creates a self-fulfilling momentum as more people rush in to avoid missing out.

However, we need to remain cautious. The crypto market is known for its volatility, and rapid price increases can lead to sharp corrections. Whales may take profits, and speculative traders could cause sudden dips. That’s why it’s important to analyze on-chain data, trading volumes, and macroeconomic signals before declaring a full bull run.

One important indicator to watch is the Bitcoin dominance index, which measures Bitcoin’s market cap relative to the entire crypto market. If dominance rises while prices go up, it could mean the market is moving cautiously into Bitcoin as a safe haven. But if altcoins start to follow suit with similar gains, it might confirm a broader bull cycle.

So what should traders and investors do now? First, stay informed. Follow trusted sources, monitor key technical indicators, and keep an eye on major economic events. Second, have a strategy. Whether you’re buying, holding, or taking profits, make sure your decisions align with your financial goals.

This surge above $104K could be the early signal of something bigger. Or it could be a temporary reaction to macro news. Either way, it’s a pivotal moment in the 2025 crypto narrative and one worth watching closely.

What do you think? Are we going higher, or is a correction coming soon?

$BTC