The third time! Why has Bitcoin reached a new high this year again?

Bitcoin briefly broke through $118,404 yesterday, reaching a high of $118,404.22. Bitcoin has set three new historical highs in 2025: the first was on January 20, 2025, when Trump took office, and this wave of the market surged from a previous high of $70,000 to $10,800, creating the first new high of the year. The second occurred on May 22, 2025, after signals of reconciliation in the China-U.S. trade war, when it climbed to about $115,222.22. Today, Bitcoin set a new historical high, briefly breaking through $118,404 before falling back to around $111,300; during the session, it reached a maximum of $118,404.22. Looking at mainstream cryptocurrencies, only Bitcoin has been able to set new highs this year, while mainstream public chain tokens like Ethereum and Solana have seen pullbacks of over 40%. Why can Bitcoin continue to set new highs? This may be related to a widely circulated 'Pennsylvania Plan'. It is said to be a significant monetary policy proposal currently being closely formulated by the U.S. government, named after 'Pennsylvania Avenue'. The proponents of this plan believe that the U.S. government needs to adopt a more proactive monetary policy strategy under the pressure of massive national debt to 'manage fiscal costs'. The core of the plan includes: direct intervention by the federal government or the Treasury in interest rates and the bond yield curve; closer cooperation with the Federal Reserve to minimize financing costs through debt management and monetary policy linkage; and the introduction of a new mechanism of 'borrowing new to pay old' when public debt remains high for a long time. In simpler terms, it is the American version of 'debt conversion', allowing the Fed and various domestic entities (such as pension funds, and in the future, issuers of stablecoins) to replace high-interest old debt with low-interest new debt. The direct impact is that the Fed may print money like the Bank of Japan, with crazy low interest rates~ It should be noted that Japanese government bonds have been running at low levels for a long time and often have negative interest rates! In this way, zero interest means that money can be printed infinitely; with negative interest, the more borrowed, the higher the income! Meanwhile, original investors in U.S. bonds will need to seek new reserve assets. It is reported that Trump is secretly promoting this plan, while Federal Reserve Chairman Powell is currently making his last stand. However, this year is the last year of Powell's term, and next year Trump will be able to replace the Federal Reserve chairman. By that time, what will the price of Bitcoin be?