The Bitcoin Narrative Reconstructed in the $114 Bitcoin Era

As oil prices enter the three-digit era, the global asset pricing anchor is changing.
Bitcoin's past two bull markets were built on low energy costs and loose liquidity.
Now, the old logic faces reconstruction.
On one hand, high energy prices increase mining operation costs, and the network's hash rate faces rebalancing, which will change Bitcoin's cost support logic from the supply side;
On the other hand, inflation narratives may arise from oil prices but are not entirely favorable for Bitcoin—because high inflation is accompanied by more hawkish central banks.
Whether Bitcoin can break out independently under the "high oil prices, strong dollar" pattern is the most important core issue to watch in this stage.
If successful, Bitcoin will truly enter the ranks of mature assets.