GateUser-4bf80383

## 1. Core Cycle Logic (Determines the Main Direction)
BTC follows a threefold driver of **4-year halving + macro liquidity + institutionalization**:
- **April 2024** saw the halving (block reward of **3.125 BTC**, annual inflation **1.7%**). Supply contraction is a long-term positive for BTC.
- **April 2028** brings the **fifth halving** (**1.5625 BTC/block**). Scarcity upgrades again, and **late 2027 to 2028** is the strongest expectations window.
- **Institutional ETFs**, pension funds, and sovereign funds enter the market—changing the traditional bull-and-bear cycle. Volatility gradual