On-chain metrics have recovered from the panic zone to an early equilibrium, yet Bitcoin's price remains below the critical $78,000 cost level. A breakthrough above this level could signal a trend reversal. Despite an increase in transaction numbers, the decline in active addresses and average transaction size indicates insufficient real demand. Fundamentals have been downgraded to negative 10%. Considering macroeconomic and structural factors, the target price is maintained at $143,000, suggesting nearly double the upside potential.