The price of Bitcoin recently broke through the $117,000 mark, triggering strong expectations in the market for further rises. Analysts generally believe that although some fluctuations may occur in the short term, Bitcoin is expected to challenge a new high of $130,000 in September in the current market environment.

This optimistic expectation mainly stems from several key factors. First, the continuous entry of institutional investors has injected strong momentum into the Bitcoin market. The U.S. pension 401(k) plans have begun to allocate Bitcoin, marking an increase in traditional financial institutions' acceptance of cryptocurrencies. Second, the gradual clarification of the regulatory environment is also boosting market confidence. Progress in stablecoin-related legislation and the change in the U.S. Securities and Exchange Commission (SEC)'s attitude towards cryptocurrencies have created a more favorable environment for industry development.

On-chain data further supports this bullish sentiment. Large investors (commonly known as "whales") continue to increase their Bitcoin holdings, indicating that they remain optimistic about future price movements. At the same time, the widening price gap between the spot and futures markets also suggests that large funds are preparing for a potential price rise in the future.

Based on historical experience, Bitcoin often experiences a rapid rise after breaking through important psychological price levels. Therefore, $117,000 may just be the starting point of a new round of increases. However, investors should also be aware that the high fluctuation of the cryptocurrency market means that prices may experience short-term pullbacks or fluctuations.

Overall, driven by the dual factors of accelerated global capital inflow and improved policy environment, the outlook for the Bitcoin market is promising. However, investors should remain cautious when making decisions and comprehensively consider risks and opportunities.