Bitcoin price has突破11.7万美元大关, with the market expecting it to reach 13万美元 in September. Although a pullback or fluctuation may occur in the short term, under the dual impetus of institutional investment and policy support, these fluctuations may just be part of the process of large capital allocation.

Recently, the U.S. pension 401(k) plan has officially begun investing in Bitcoin, and regulations related to stablecoins are gradually improving. The attitude of the U.S. Securities and Exchange Commission (SEC) towards cryptocurrencies is also becoming more positive. These factors are driving a rapid influx of global funds into the Bitcoin market.

On-chain data shows that large holders continue to accumulate Bitcoin, and the price difference between the spot and futures markets is gradually widening, indicating that major funds have already made strategic arrangements in advance. Historical experience shows that whenever Bitcoin breaks through important psychological barriers, a rapid increase often follows. Therefore, $117,000 may just be a new starting point, and $130,000 may become an important target price for September.

With the continued entry of institutional investors and the gradual clarification of the regulatory environment, the long-term prospects for the Bitcoin market remain optimistic. However, investors still need to be cautious, pay attention to market risks, and view short-term price fluctuations rationally.