Recently, the price of Bitcoin (BTC) has broken through the 120,000 USD mark, triggering a significant shift in market sentiment. From a previous wait-and-see attitude, investors are now actively chasing the rise. This shift is not solely driven by emotions but is the result of multiple factors working together.

First, the entry of U.S. pension funds into the market to purchase BTC has injected new financial power into the market. Secondly, the advancement of stablecoin legislation has provided a clearer regulatory framework for the digital currency market. Furthermore, the softening of regulatory agencies' attitudes towards cryptocurrencies has also brought positive signals to the market.

These factors combined not only pushed up the price of BTC, but more importantly, elevated BTC's status in the financial system. BTC is gradually transitioning from a speculative asset to a formal financial instrument, gaining broader recognition and acceptance.

As the market environment continues to improve, some analysts believe that the possibility of Bitcoin breaking through $170,000 by the end of the year is increasing. However, investors should remain cautious and closely monitor market trends and policy changes to make rational investment decisions.