Bitcoin (BTC), as the first decentralized cryptocurrency, has become 'digital gold' due to its scarcity (with a cap of 21 million coins) and blockchain technology. Its price is highly volatile, influenced by institutional entry, regulatory policies, macroeconomic factors (such as interest rate hikes by the Federal Reserve), and market sentiment. The halving event in 2024 highlights its deflationary attributes, but the concerns over high energy consumption consensus mechanisms and scalability issues remain. In the short term, it exhibits significant speculative properties, while in the long term, it serves as an experiment in value storage against fiat currency inflation, with its future direction depending on the global regulatory framework and the development of Layer 2 ecosystems.