#比特币价格分析 Analyzing this news, it suggests that the Bitcoin market may have already entered a cycle top. Willy Woo's viewpoint is worth noting; he made this judgment based on a capital flow model. Although the Federal Reserve is cutting interest rates and increasing money supply, global M2 may not necessarily rise. The key factor is whether investors prefer the US dollar over risk assets. I believe that at this point, it is important to closely monitor institutional capital movements and on-chain data, especially large transfers and exchange inflow and outflow, to verify if a top has really been reached. At the same time, caution should be exercised regarding the potential risks brought by a strengthening dollar. Overall, maintaining a cautious attitude in the short term is the wiser approach.