報告稱，比特幣 (BTC) 仍有成長空間，與 2015-2018 年周期相呼應

市場分析平台 Glassnode 和 CryptoQuant 的報告表明，比特幣仍有更大幅成長的空間。該報告發布之際，比特幣 (BTC) 創下 109,000 美元的歷史新高

Bitcoin (BTC) still has room for more substantial growth in 2025, according to market analytics platforms Glassnode and CryptoQuant.

根據市場分析平台 Glassnode 和 CryptoQuant 的數據，比特幣 (BTC) 到 2025 年仍有更大幅成長的空間。

As Bitcoin (BTC) claims a new all-time high of $109,000 on the back of President Donald Trump’s inauguration, market analytics platforms Glassnode and CryptoQuant have suggested that the apex cryptocurrency’s current cycle could still lead to higher highs.

在唐納德·川普總統就職後，比特幣 (BTC) 創下 109,000 美元的歷史新高，市場分析平台 Glassnode 和 CryptoQuant 表示，頂級加密貨幣的當前週期仍可能創下更高的高點。

In its report, Glassnode highlighted that Bitcoin’s current trend in the 2022+ cycle closely resembles historical patterns, especially the 2015-2018 cycle. To confirm this, the market resource examined data across all Bitcoin cycles.

Glassnode 在報告中強調，比特幣在 2022 年以上週期中的當前趨勢與歷史模式非常相似，尤其是 2015-2018 年週期。為了證實這一點，市場資源檢查了所有比特幣週期的數據。

Bitcoin trailing 2015-2018 cycle. Source: Glassnode

比特幣落後 2015-2018 年周期。來源：Glassnode

Particularly, at the current stage of the market, the Genesis to 2011 cycle had seen an 80.51x price increase from the cycle low, while the 2011 to 2015 cycle had achieved a 55.30x growth.

特別是，在市場現階段，Genesis至2011週期的價格較週期低點上漲了80.51倍，而2011至2015週期則實現了55.30倍的成長。

Meanwhile, the 2015 to 2018 and 2018 to 2022 cycles had delivered smaller but still impressive gains of 2.80x and 3.31x from their respective cycle lows. Interestingly, the 2022+ cycle is currently up 2.92x from its low at this stage, resembling the trajectory of the 2015 to 2018 cycle.

同時，2015 年至 2018 年和 2018 年至 2022 年周期的漲幅較小，但仍較各自周期低點分別增長 2.80 倍和 3.31 倍，令人印象深刻。有趣的是，2022+ 週期目前較現階段的低點上漲了 2.92 倍，類似於 2015 年至 2018 年周期的軌跡。

Data from Glassnode’s chart confirms that at this stage in the 2015 to 2018 cycle, Bitcoin had risen 562%, while the ongoing cycle has achieved a 630% increase.

Glassnode 圖表中的數據證實，在 2015 年至 2018 年周期的現階段，比特幣已上漲 562%，而當前週期已實現 630% 的漲幅。

However, the chart also revealed that after rising 562% from its cycle low in 2015-2018, Bitcoin witnessed a further rally, with its growth ultimately rising to 11,374%. This represented the peak of $19,666 in December 2017.

然而，該圖表也顯示，從 2015-2018 年的週期低點上漲 562% 後，比特幣出現了進一步反彈，其漲幅最終升至 11,374%。這代表了 2017 年 12 月 19,666 美元的高峰。

This indicates that, with Bitcoin now up 630% in the current cycle, it could still witness a more substantial growth if it continues to trail the 2015-2018 cycle. However, the extent of its further growth remains uncertain.

這表明，儘管比特幣在當前週期中上漲了630%，但如果繼續落後於2015-2018年周期，它仍可能出現更大幅度的增長。然而，其進一步增長的程度仍不確定。

To put things into perspective, if the current cycle were to replicate the exact 2015-2018 trajectory, an 11,374% rise from this cycle’s 2022 low of around $15,000 could theoretically push Bitcoin to a peak of $1.7 million, given its 2022 low of $15,000. However, this growth is likely unfeasible.

從長遠來看，如果當前週期要複製2015-2018 年的確切軌跡，那麼從該週期的2022 年低點約15,000 美元上漲11,374% 理論上可能會推動比特幣達到170 萬美元的峰值，因為2022 年低點為15,000 美元。然而，這種增長可能是不可行的。

Bitcoin realized cap multiplier. Source: CryptoQuant

比特幣實現上限乘數。來源：CryptoQuant

In a separate analysis, CryptoQuant agreed that Bitcoin still has more room to grow in 2025, presenting a more realistic target of $145,000 to $249,000. Their analysis relies on the realized cap multiplier, which measures how Bitcoin’s market value responds to capital inflows.

在另一項分析中，CryptoQuant 同意比特幣在 2025 年仍有更大的成長空間，提出了 14.5 萬美元至 24.9 萬美元的更現實的目標。他們的分析依賴於已實現上限乘數，該乘數衡量比特幣的市場價值對資本流入的反應。

According to the report, during bull markets, Bitcoin’s multiplier typically ranges between 2 and 6, meaning every $1 of new investment could increase the market value by $2 to $6. Based on projected capital inflows of $520 billion by 2025, they calculated these price targets as realistic.

報告稱，在牛市期間，比特幣的乘數通常在 2 到 6 之間，這意味著每 1 美元的新投資可以將市值增加 2 到 6 美元。根據預計到 2025 年資本流入將達到 5,200 億美元，他們計算出這些價格目標是現實的。

In other news, market analyst Joohyun Ryu recently noted that crypto demand is surging among South Korean investors, a factor that could help propel further growth for Bitcoin. The “Kimchi Premium,” which shows higher local crypto prices, indicates increased domestic interest.

在其他消息中，市場分析師 Joohyun Ryu 最近指出，韓國投資者對加密貨幣的需求正在激增，這一因素可能有助於推動比特幣的進一步成長。 「泡菜溢價」顯示當地加密貨幣價格較高，顯示國內興趣增加。

At the same time, Ryu noted that rising unemployment rates in the United States present a potential risk to global economic stability. Notably, such trends have preceded recessions, suggesting the need for caution despite optimistic market conditions. Currently, Bitcoin trades for $104,637, down 2.82% over the past 24 hours.

同時，柳指出，美國失業率上升對全球經濟穩定構成潛在風險。值得注意的是，此類趨勢出現在經濟衰退之前，顯示儘管市場狀況樂觀，但仍需謹慎。目前，比特幣交易價格為 104,637 美元，過去 24 小時下跌 2.82%。