Bitcoin experiences a "roller coaster" market, with intense fluctuations reigniting speculative enthusiasm. Analysts believe that it may be difficult for Bitcoin to return to its previous highs in the short term.

Bitcoin is reclaiming its position as the "darling" of high-risk speculators, and this round of intense rebound is quickly spreading to the stock price performance of listed companies with "hoarding coins" as their core strategy. After experiencing a sharp drop in the cryptocurrency market on Thursday, Bitcoin saw its largest single-day rebound in nearly three years on Friday, rising by about 13% at one point during trading hours, rebounding from around $60,000 to above $70,000, almost recovering all of the previous day's losses. The previous sell-off had caused Bitcoin to fall by about 46% from its all-time high of over $126,000 in October last year. Such intense fluctuations have reignited speculators' interest in high-volatility assets. The recovery of market sentiment is also reflected in related concept stocks. The stock price of Strategy (MSTR.US) soared more than 26% on Friday, recovering all losses from the previous trading day. Despite a decline in Strategy's stock price after the release of its financial report on Thursday, its price quickly rebounded along with Bitcoin stabilizing and rising. TD Cowen analyst Lance Vitanza stated in a recent research report that even though this may not be the end of the cryptocurrency sell-off, Strategy still "has the ability to withstand a further significant drop in Bitcoin." He gave the stock a "buy" rating with a target price of $440, indicating a several-fold increase from Thursday's closing price of $106.99. Vitanza pointed out that Strategy currently has a cash reserve of about $2.25 billion, enough to cover fixed expenses of around $900 million, supporting a period of approximately 17 months, and also providing funding security for the possible redemption of $1 billion convertible bonds due in September 2027. "Whether the price of Bitcoin is $10,000 or $1,000, this judgment holds true," he emphasized. In terms of trading structure, the recent rebound in the cryptocurrency market is seen more as an "emotional recovery." Noelle Acheson, author of "Crypto is Macro Now," pointed out that this rally appears more like a technical rebound after the momentum from the sell-off has been exhausted. Damien Loh, Chief Investment Officer of Ericsenz Capital, also believes that Bitcoin has shown significant support around $60,000, but it is not advisable to expect a quick return to its highs in the short term against a backdrop of cautious overall risk appetite. However, TD Cowen remains relatively optimistic about the medium-term outlook. Vitanza stated that the benchmark scenario for the institution is that this recent crash will ultimately pave the way for Bitcoin to reach new highs, possibly in the third quarter. If Bitcoin can return to near its all-time high from October last year later this year, both cryptocurrency investors and Strategy shareholders will experience a period of extremely intense market volatility.