Bitcoin has shown strong performance recently, with prices once again breaking through the $120,000 mark. Although there is still uncertainty in the market direction in the short term, the chip distribution indicates that the market has refocused on a range with $117,000 as support. This development means that the trading range of $112,000 to $116,000 has transformed into a relatively stable 'safe zone', which highly aligns with the previous predictions based on the 'dual-anchor structure'.

From the perspective of the 'MVRV extreme deviation pricing range,' Bitcoin is currently fluctuating within a price channel constituted by the orange and yellow lines. The current price has gained effective support at the lower bound of the channel (yellow line), which makes the upper bound (orange line) the first potential resistance level, located around $125,000.

If Bitcoin can break through the resistance level of $125,000 and maintain this level as new support during subsequent pullbacks, it may enter a higher price range. In this case, the next target price could point to around $137,000. However, if strong resistance is encountered near $125,000, the price of Bitcoin may fall back to the yellow line position, at which point the support level of $117,000 will be tested again.

It is worth noting that while short-term price fluctuations may bring some uncertainty, the fundamentals of Bitcoin remain strong in the long run. With the continued entry of institutional investors and changes in the global macroeconomic environment, Bitcoin's position as digital gold may further strengthen. However, investors should remain cautious and closely monitor market trends and changes in the regulatory environment to manage risks effectively.