Analysis: Bitcoin's recent pullback is weaker than the previous cycle, optimists betting on a year-end surge to $150K Fu Rao, Executive Director of the Hong Kong International New Economy Research Institute, wrote an article in Hong Kong media Ta Kung Pao titled 'Speculative Nature Fades, Bitcoin Volatility Stabilizes,' pointing out that Bitcoin's surge in 2025 will differ from previous years, with the core reason being the widespread adoption of ETFs. The recent price pullback is not as significant compared to the past four or five years. This change may be related to the influence of macroeconomic factors on traditional capital operation logic. Regarding Bitcoin's trend in 2026, there are two camps in the market. One believes Bitcoin may experience a significant pullback, possibly returning to lower price ranges. The other camp of investors is optimistic about Bitcoin hitting $150K by the end of the year and expects it to reach $250K in 2027. Currently, Bitcoin has essentially entered the traditional financial landscape, but achieving the level of social recognition that gold enjoys will still take 5 to 10 years.