Internet reports that Bitcoin prices fell back after briefly breaking through $100,000, still more than 8% lower than last year's historical high. Analysis shows that Bitcoin has not yet reached the top of the cycle. Analysts at 21Shares pointed out that the current MVRV ratio is 2.5 to 3, indicating that the market valuation is not yet too high and is not close to bubble territory. The unrealized net profit and loss indicator also shows that the overall market is not yet profitable, indicating that Bitcoin has not entered an overheating state. In addition, the sell-risk ratio of long-term holders remains well below historical highs, and there is no obvious selling pressure. The macroeconomic environment, potential interest rate cuts and expectations of Trump's return to the presidency may also bring benefits to the crypto market.