The Bitcoin market is experiencing a wave of strong demand, with a notable incremental demand of about 62,000 coins per month, a figure comparable to the situation before the bull runs in 2020 and 2024.

Currently, the inflow of funds into the Bitcoin market is experiencing explosive growth, primarily driven by large investors and ETFs. The buying power of large investors this year has even surpassed last year, with an annual increase of an astonishing 330,000 coins, which stands in stark contrast to the selling behavior during the bear market of 2021.

The performance of ETFs has been even more impressive, having absorbed 210,000 Bitcoins in just the last quarter of last year, and it is expected to continue increasing its holdings this year. This situation resembles a group of institutional investors continuously acquiring, while the supply of Bitcoin is becoming increasingly scarce.

The focus of the market is whether Bitcoin can break through the key price level of $122,000. This price represents the market's average cost line, and if it can stabilize above this level, it means that most investors will enter the profit zone, which could trigger a strong chasing mentality. Historical data shows that once this price level is broken, the target price by the end of the year could rise to the range of $150,000 to $180,000.

However, we also need to remain vigilant. While demand is surging, the supply of new Bitcoins is gradually decreasing due to the halving effect, and this imbalance between supply and demand could indeed drive coin prices up. However, short-term volatility is still hard to avoid, as factors like a slowdown in ETF inflows or large investors taking profits could trigger a pullback.

A true bull run requires the combined push of price breakthroughs and sustained increases in trading volume. When formulating investment strategies, investors should consider these factors comprehensively, weighing risks against returns.

Whether Bitcoin can break through the critical threshold of $122,000 remains a question worth paying attention to. In the current market environment, investors need to carefully assess their investment strategies and closely monitor market trends.