Currently, participants in the crypto market have varying opinions on the future trend, but a few key points of observation are quite consistent.

First, regarding price—$90,000 for Bitcoin is a tough nut to crack. Whether it can be broken through largely determines if market sentiment can reverse. This is an insurmountable hurdle.

On the macro front, the more critical factors are—what will the Federal Reserve do in 2026, the pace of interest rate cuts, whether the capital pools will shrink—markets are closely watching these signals. Once a decision is made, waves will follow.

Another ongoing discussion is whether the traditional four-year Bitcoin halving cycle is still effective. Will this cycle be broken this time? The debate is growing.

From a big-picture perspective, the crypto market has shifted from the frenzy of earlier times to a more calm state. Policy and regulatory changes are gradually altering the game rules, and the market is digesting these changes. As participants, instead of worrying aimlessly, it’s better to focus on fundamentals and capital movements—surviving amid volatility is the key.