Write a complete Bitcoin (BTC) market analysis report:

1. Introduction

On January 20, 2025, the BTC market ushered in a new stage, and the trend of the second half of the bull market has attracted much attention. The next six months have three important time points and prices worth focusing on, namely 72,000 in February, 128,000 in April, and whether it will fall below 100,000 in June.

2. Market Trend Analysis

From the recent market performance, the overall trend of BTC price is upward. In 2024, the price of BTC showed strong performance, and the approval of the first spot BTC ETF by the U.S. Securities and Exchange Commission injected momentum. On November 13, 2024, BTC broke through the $90,000 mark for the first time. This upward trend continued into early 2025, providing momentum and foundation for challenging key levels in the first half of the year.

3. Important Time Points and Price Analysis

- In February, the target is 72,000: From a technical perspective, if BTC can reach 72,000 in February, it will break through a key resistance level, further opening up the upward space. From the market sentiment perspective, this will greatly boost investor confidence and attract more funds into the market.
- In April, the target is 128,000: if February successfully breaks through 72,000, the market's upward momentum will be further enhanced. Reaching 128,000 in April means that BTC will achieve a substantial appreciation in the short term, attracting more attention from institutions and investors, and driving the market into a frenzy. However, it should be noted that rapid rise may accumulate significant pullback pressure.
- The key price in June is 100,000: June is a critical observation period. If the BTC price falls below 100,000, it may trigger market panic selling, indicating the arrival of a bear market. However, if it can hold above 100,000, it will indicate that the market still has strong support and the bull market may continue.

Four, Risk Factor Analysis

- Macroeconomic Risks: Uncertainties in the global economic situation still exist. If major economies experience a recession or significant monetary policy tightening, it may lead to a decrease in investor risk appetite and capital outflows from the BTC market.
- Regulatory Risk: The regulatory policies in the field of digital currency are still being improved, and the strengthening of regulation in various countries may impose restrictions on the trading and circulation of BTC, affecting market demand.
- Market sentiment risk: The BTC market is heavily influenced by emotions, and information spread on social media may trigger investors' panic or enthusiasm, leading to significant price fluctuations.

V. Conclusion

The BTC market will face important opportunities and challenges in the first half of 2025. The breakthrough of key price levels in February and April will continue the bull market, while whether it can hold 100,000 in June is an important turning point for the market. Investors should closely monitor the macroeconomic situation, regulatory policy changes, and market sentiment fluctuations, and make investment decisions cautiously.