Is 110000 the peak of BTC in this round? Very likely not, the bigger ones are still ahead. This video analysis suggests that the BTC high point for this round will be between $170000 and $200000. Several core viewpoints: There is an 86% correlation between the growth of global money supply (M2) and the price of Bitcoin, which is the most widely recognized risk asset in the world, following closely behind. However, compared to the M2 trend, BTC prices have a lag effect of 8-13 weeks, and liquidity will not immediately impact the market. Funds need time. For example, BTC doubled from 16000 to $32000 at the bear market bottom in early 2023, and rose from 40000 to $75000 at the beginning of 2024, all in line with M2 liquidity expansion. Based on the current growth trend of M2 liquidity (which has exceeded $97 trillion) and ample market liquidity, it is predicted that the price of Bitcoin will reach $170000 in August 2025, demonstrating strong bull market continuity. 3. In the long run, the price of Bitcoin still follows a logarithmic growth curve, with an upper limit of about $200000 and a lower limit of about $40000 for this major cycle.