#比特币价格走势 Bernstein's report has several details worth following. First, the judgment of breaking the 4-year cycle itself is crucial—historical patterns being broken often indicate a fundamental change in market structure, and the involvement of institutional funds has indeed altered the traditional retail investor-led cycle.

The most persuasive data is that ETF outflows are less than 5%, which indicates that institutions' tolerance during the pullback is far beyond expectations. A 30% pullback typically triggers significant panic among retail investors, but this time the funds have shown clear resilience. This detail reflects the current resilience of the position structure.

The target price of $200,000 for 2027 is set relatively cautiously—much more rational compared to some aggressive forecasts. The long-term target of $1,000,000 for 2033, although far off, at least provides a reference framework. The key question is how the path will evolve in the intervening years, especially regarding macro policies and institutional allocation rhythms.

From the perspective of on-chain signals, what needs to be closely tracked now are the positioning movements of large investors and the continuous flow of ETF funds. If institutions are indeed diversifying their positions, then a slight rise during a pullback is often more worth observing than a direct surge.