The market is currently experiencing a short-term volatile correction, and part of the profit-making funds at the end of the year will be cashed out. In addition, the market needs time to digest the Fed's possible hawkish turn and policy expectations of reducing the number of interest rate cuts at the beginning of next year. In the short term, there is a lack of new driving force, and the price may fluctuate between $90,000 and $105,000.

After the consolidation phase is over, funds will re-enter the market, and the negative news will be gradually digested. The market will usher in a new round of increases in the first quarter of the first half of the year. The price of Bitcoin may break through the $120,000 mark at this stage, and it is expected to reach $150,000 to $200,000 in an optimistic scenario.

Throughout the historical cycle, the Bitcoin bull market usually enters an adjustment period about 15 to 18 months after the halving, which also means that the market is likely to enter an adjustment period after hitting a new high in the middle or second half of the year.