Last night, when Bitcoin broke through $96,000, reactions around me were polarized—some patted their thighs and exclaimed "Missed it again," while others anxiously asked, "Can I still jump in now?"

Honestly, if you're still hesitating over the $96,000 figure, you're probably going to miss the upcoming momentum. This round of rally is completely different from those bubble markets driven by retail FOMO in the past; behind the scenes, it's genuine institutional funds at work.

Having watched the market for so many years, I dare to say: this time, the smart money is in, not retail FOMO. The details speak volumes—every time the price dips by a few hundred dollars, huge amounts of capital step in immediately, as if the bottom is nailed down. I’ve analyzed recent order flow data—those orders and the speed at which they are placed are definitely beyond retail capabilities. Retail traders chasing high feel slow, so where’s the patience to calmly buy during a dip?

Here's a key point: to judge how far the market can go, don’t just look at whether the price is rising; look at the "support strength during pullbacks" and whether the "market structure has broken through." Past short-lived rallies, when they pull back, look like a kite with a snapped string—trading volume is sparse, indicating no one is defending the market. But the current situation is completely different—once old resistance levels are broken, they immediately turn into new support levels. Bears desperately try to push the price back, but each time they get pushed down.

This pattern of "breaking through and stabilizing + pullback absorption"—I've only seen it three times in the past five years, and each time, the price has risen at least $10,000 afterward. The market structure has shifted from "high risk everywhere" to "buying on dips." Changes in volume and the actions of big players all point in the same direction.

Of course, I’m not saying there’s no risk ahead—just that the current risk structure is completely different from two months ago. Back then, pullbacks were truly fierce; now, dips are actually opportunities to add positions.