The fundamental multi-factor pricing model shows that the main upward wave of Bitcoin in Q3 and Q4 will reach 150,000, with pricing factors including global liquidity (global M2 + global central bank + treasury balance + overnight reverse repos), on-chain mining costs, on-chain long and short activity levels, on-chain chip distribution, and global macroeconomic factors (PMI/manufacturing/financial cycle) being comprehensively used for AI large model pricing.