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The key to IREN's prospects still depends on two variables—what happens next with Bitcoin and whether the current AI expansion can truly continue.
My personal inclination is towards a relatively cautious baseline scenario, but frankly, there are currently more attractive investment targets in the market. As a market barometer, Bitcoin's movements will directly influence the valuation logic of the entire crypto ecosystem. At the same time, whether the AI track can continue to release growth momentum is crucial for the financing environment of emerging projects and investor confidence.
Short-term fluctuations are inevitable, but from a fundamental perspective, the opportunities in this cycle may not be at the IREN position.