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#打榜优质内容#
Is $120,000 BTC a new starting point or a ceiling?
Some numbers are not just numbers, but a revival of faith.
$120,000 BTC is not just a technical breakthrough.
Core Driver:
* Incremental Capital for ETF: The transaction volume of spot ETFs continues to remain high, and the certainty of funds has driven prices to stabilize and rise.
* On-chain activity is rebounding: The circulation of USDT has reached a historical high, and on-chain transfer fees have significantly increased, indicating that capital activity is recovering.
* Risk aversion returns: Global geopolitical tensions rise, and BTC is once again seen as digital gold.
$120,000 signifies a psychological label: the "previous era" of BTC is over, and now it is the era of institutional consensus. Unlike the past, which was dominated by retail investors, the current phase of the upward momentum is slower, steadier, and deeper, which gives the bulls more confidence.
If in the past BTC was like riding a Snickers roller coaster, now BTC is more like driving a Tesla—still going fast, but the heated seats are very comfortable.
Looking at future trends, as long as there is no sudden tightening of global liquidity, BTC may use $120,000 as a new central point for consolidation and accumulation. By the time institutions announce a "BTC target price of $200,000," retail investors will realize that $120,000 was actually the starting point.