$BTC Bull-Bear Divergence and Risks

- Optimistic Viewpoint: The halving effect is expected to take hold (April 2024), with interest rate cuts and institutional entry potentially driving an increase in the second half of the year.

- Pessimistic Warning: On-chain data shows insufficient new liquidity, with some analysts warning that over the next 6–12 months we may enter a sideways/downward cycle, with target levels looking down to $63,000 or even $40,000