Golden Finance reported that the price of Bitcoin fell back after briefly breaking through 100,000 US dollars, and is still more than 8% lower than last year's historical high. Analysis shows that Bitcoin has not yet reached the top of the cycle. 21Shares analysts pointed out that the current MVRV ratio is 2.5 to 3, indicating that the market valuation is not too high and not close to the bubble zone. The unrealized net profit and loss indicator also shows that the market as a whole is not yet profitable, indicating that Bitcoin has not entered an overheated state. Furthermore, the sell-side risk ratio for long-term holders remains well below all-time highs, with no significant selling pressure emerging. The macroeconomic environment, potential interest rate cuts and expectations of Trump's return to the presidency may also be positive for the crypto market.