Risks associated with Bitcoin breaking $100,000 include:

• Pullback risk: Renowned cryptocurrency investor Michael Novogratz has stated that Bitcoin could pull back as much as 20% after breaking the $100,000 mark, potentially falling to $80,000. He believes there is currently a lot of leverage in the system, with the leverage in the crypto industry reaching its limits, leading to adjustments.

• Market volatility risk: Bitcoin prices can be extremely volatile, and under high leverage, significant price corrections may occur due to investors unwinding leveraged bets, among other reasons.

• Regulatory uncertainty: Although the newly elected President Trump has brought a 'paradigm shift' in crypto regulation, countries have varying regulatory attitudes towards cryptocurrencies. Strict regulatory policies may lead to market panic, triggering a sell-off and hindering Bitcoin's price rise.

• Compliance challenges: For Bitcoin to truly integrate into the mainstream financial system, it must address issues such as anti-money laundering, taxation, and consumer protection. The speed and effectiveness of the compliance process will directly impact market confidence and Bitcoin's valuation.

• Short-term volatility risk: High leverage and market speculation may lead to significant liquidations of funds daily, with long and short positions being roughly equal. When the market leverage approaches or reaches its limits, any issues with capital relay may trigger significant price fluctuations and adjustments, with large corrections in the $100,000 price area being particularly damaging.

• Value regression risk: The MVRV ratio is an important indicator for measuring Bitcoin market valuation. Although it has not yet breached the warning line, the value is close to historical highs, indicating that Bitcoin's current market value has deviated significantly from its actual value. If this ratio continues to rise, the market may experience a value regression, leading to short-term price corrections.

• Long-term holder sell-off risk: Recently, the net position changes of long-term Bitcoin holders have dropped to the lowest point in five months, with significant daily sell-off volumes. The substantial increase in supply may pose resistance to the rise in Bitcoin prices.

• Market structure change risk: The introduction of options markets may alter the market structure of Bitcoin. As options trading volume increases, implied volatility may be suppressed, and phenomena similar to 'gamma squeeze' may occur, accelerating price volatility.

• Policy change impact: The direction of the Federal Reserve's monetary policy and the implementation of specific policies by the US government have significant effects on Bitcoin prices. For example, if inflation resurges and leads to tighter monetary policy, it may pose resistance to Bitcoin.

• Competition risk: The emergence of new cryptocurrencies or digital assets may seize market share from Bitcoin, affecting its price upward momentum.

• Capital flow risk: Large-scale capital flows may impact Bitcoin prices, such as significant amounts of capital moving from US Treasury bonds to the Bitcoin market. However, this situation may be difficult to sustain, and once the market awakens, capital may flow back to quality assets.