On November 22nd, Matrixport's latest weekly report shows that the progress of the fifth round of bitcoin bull market is highly consistent with its forecast in July 2023. The report expects bitcoin to reach $125,000 in December 2024, as bitcoin has approached the $100,000 mark, this prediction is increasingly credible. The report recommends that institutional investors allocate both bitcoin and gold. Based on the Black-Litterman asset allocation model, the portfolio is expected to achieve a return of 15.6% and a Sharpe ratio of 1.6 times. The study argues that while bitcoin has outperformed gold in recent years, both assets are valuable due to their low correlation and macroeconomic outlook. The report particularly pointed out that after the US election, gold sold off or served as a buying opportunity. It is expected that global central banks will continue to promote the diversification of reserve assets in the next few years, and the importance of gold in institutional investment portfolios will further increase.