#BTC Bitcoin is currently in an institution-led bull run cycle, with liquidity expansion, favourable information from policies, and ETF capital inflow forming the core support. Although short-term fluctuations are inevitable, multiple indicators point to a solid foundation for the **$200,000 target by the end of 2025**. Investors should focus on the **Q3 policy implementation** and **Halving cycle sentiment changes**, and seize structural opportunities in a timely manner.