Some institutional research suggests that the cryptocurrency market may experience a wave of risk liquidations in the first half of the year, which could increase Bitcoin's volatility. In the short term, a pullback of BTC to $60,000 is also possible. However, from a longer-term perspective, the market's mid-term target for Bitcoin is set at $1 million, while Ethereum is expected to reach around $4,500 by the end of the year. The ups and downs of this wave of market movements may very well be signals of major institutions adjusting their positions and strategies.