According to CoinMeta, economist Hong Hao stated at the Binance private meeting that Bitcoin's fixed supply cap of 21 million coins determines its scarcity and establishes a value foundation that is distinct from traditional fiat currencies. He believes that Bitcoin forms a new credit system based on a decentralized network and a fixed supply mechanism, with a long-term target price of $1 million, compared to gold's target price of $10,000. Based on cyclical models, this year's transition between the third and fourth quarters marks an important time window for a new cycle.