To determine the trajectory of Bitcoin prices in 2026, three variables are key. First, whether liquidity will flow back into the crypto market after the Federal Reserve's rate cut cycle—this directly affects the overall market enthusiasm. Second, the evolution of the global regulatory environment is crucial, especially how mainstream countries will adjust their attitudes toward crypto assets. The third point is whether the Web3 application ecosystem can achieve significant breakthroughs, which will decide if there is genuine demand supporting the market. Once market sentiment heats up, based on historical cycle patterns, reaching 150,000 or even 200,000 USD is actually within a reasonable range. Of course, all these depend on how these three factors interact and develop.