This issue's guests: PandaWL (@dajingou1) / Lynne Early Sleep (@if1ynne) / Sunny Tang (@SunnyMQ1) / Richard (@Richardxx0)
Date: September 23, 2026
BTC has re-emerged above $85,000, reaching a new high since February, and the sentiment in the crypto market has also warmed up. Price breakthroughs, capital inflows, macro changes, and geopolitical risks intertwine, leading the market to restart discussions on a familiar question: How far can this wave of market movement go?
Aside from short-term prices, this issue of MGBX "Crypto Hawker" Space also discussed macro pressures, holiday market trends, and Ethereum privacy. The four guests shared their observations on this round of market changes from different perspectives.
BTC returns to $85,000, how far is it to $110,000?
Regarding BTC's return above $85,000, PandaWL believes that this breakthrough should not simply be seen as an emotional rebound.
After the initial adjustments, market capital and confidence are gradually recovering, and prices have returned to key positions. Next, rather than merely focusing on how much more BTC can rise, it is more important to observe whether capital and trading volume can keep up.
If $85,000 can stabilize further, while market capital and sentiment continue to improve, then $110,000 remains a level worth paying attention to.
"The market fears not slow growth, but rather a situation where only the price is rising while capital does not keep pace."
In his view, a price breakthrough is just the beginning; the continuous inflow of capital is the critical observation point to assess whether this wave of market movement can continue further.
With macro pressures still present, what keeps Crypto resilient?
Compared to the price itself, Lynne Early Sleep pays more attention to the macro environment behind this wave of market movement.
The Federal Reserve's policies will affect global liquidity and risk appetite, while the situation in the Middle East may influence risk assets through channels like energy prices and inflation expectations. For today's Crypto market, macro variables are increasingly hard to ignore.
However, macro pressures do not necessarily mean the market will operate in a singular direction.
Lynne Early Sleep mentions that market trading does not focus solely on the events themselves, but also on previously formed expectations. If a negative outcome has been priced in early, the real impact when it occurs may differ from initial assumptions.
"What really affects prices is not just what happened, but what the market originally expected."
Therefore, short-term trends may still be affected by macro factors, but the market's own capital reception and risk appetite recovery are also noteworthy.
Do markets really exhibit a "holiday effect" around holidays?
As holidays approach, the "holiday market" has once again become a topic for discussion.
Sunny Tang believes that while this phenomenon can be observed, it should not be simplistically viewed as a definite trading rule.
Crypto is a global market that operates 24/7. Domestic holidays do not mean that the global market simultaneously takes a break; capital, traders, and market events in different regions still continue to occur, making it difficult to simply explain market changes based on domestic holidays.
"The market does not look at the calendar; it is the capital that does."
In his view, some market trends referred to as "holiday effects" may merely coincide with holidays. True market judgments should return to capital flow, market sentiment, and the macro environment at that time.
In other words, holidays can serve as an observation window, but they may not be the direct cause of market changes.
What needs to be addressed in the next stage of Crypto regarding privacy, as mentioned by Vitalik?
Apart from short-term trends, this issue of Space also touched on a longer-term topic—privacy.
In light of Vitalik's recent emphasis on the direction of Ethereum privacy, Richard believes that privacy is not a suddenly emerging new narrative, but a real need that gradually reveals itself after Crypto has developed to a certain stage.
In the early stages, the industry was more focused on asset on-chain, transaction efficiency, and infrastructure development. As on-chain finance, payment, identity, and other scenarios gradually diversify, users' needs regarding "which information needs to be public and which can be hidden" have also started to become more specific.
In Richard's view, what privacy technology needs to resolve in the future may not be simply "anonymity," but rather finding a new balance between privacy, transparency, and compliance.
"Blockchain has solved 'credibly public'; the next step may need to address 'selectively public'."
If privacy technology can further penetrate real application scenarios in payment, finance, and identity, then the discussion ceases to be merely about a specific technology and may become part of the next stage of the evolution of crypto infrastructure.
From BTC re-emerging above $85,000 to the market beginning to discuss $110,000 again; from Federal Reserve policies and geopolitical risks to fund changes before and after holidays, and to Ethereum privacy, this issue of Space discussed more than just "how much more can BTC rise."
$85,000 is not the end, and $110,000 is not the only answer. The ongoing focus should be on whether capital can continue, whether expectations can materialize, and whether on-chain demand can follow up.
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