比特幣（BTC）價格遵循Gold的腳步

在過去的幾周中，比特幣的價格很高興，從74,000美元的低點彈起，再次恢復了100,000美元的水平。

Bitcoin (BTC) price has been a sight for sore eyes over the past few weeks, bouncing back strongly from its $74,000 lows to trade above the crucial $100,000 level again. Interestingly, the latest on-chain data suggests that the premier cryptocurrency could be preparing to set new all-time-highs and perhaps embark on a fresh bull run.

在過去的幾周中，比特幣（BTC）的價格一直是眼睛酸痛的景象，從74,000美元的低點彈起，以超過至關重要的100,000美元水平的交易。有趣的是，最新的鍊鍊數據表明，總理的加密貨幣可能正在準備為新的歷史高位設置，並可能開始新的公牛奔跑。

Bitcoin Price To Follow Gold’s Footsteps

比特幣價格遵循Gold的腳步

In a Quicktake post on the CryptoQuant platform, on-chain analyst Ibrahim Cosar provides an interesting data-driven insight into the potential trajectory of the Bitcoin price in the coming months. The relevant metric here is the Growth Rate Difference (Market Cap vs. Realized Cap), which measures the difference in the growth rate between an asset’s market capitalization and realized capitalization.

在CryptoQuant平台上的QuickTake帖子中，鍊鍊分析師易卜拉欣·卡薩爾（Ibrahim Cosar）提供了一個有趣的數據驅動洞察力，以了解未來幾個月比特幣價格的潛在軌跡。這里相關的指標是增長率差異（市值與已實現的CAP），它衡量了資產市值和已實現資本化之間增長率的差異。

According to Cosar, the Growth Rate Difference helps evaluate investor behavior (whether the market is overly pessimistic or optimistic) and the different market cycles. The indicator also helps to identify the correlation between actual value growth and price growth, while assessing the sustainability of a price trend.

根據Cosar的說法，增長率差異有助於評估投資者的行為（無論市場過於悲觀還是樂觀）和不同的市場週期。該指標還有助於確定實際價值增長與價格增長之間的相關性，同時評估價格趨勢的可持續性。

As seen in the chart above, the positive area (denoted by the green color) typically signals bullish market conditions. It suggests that the market cap is growing faster than the realized cap, with more investors entering the market and taking new positions.

如上圖所示，正面區域（用綠色表示）通常表示看漲市場狀況。它表明，市值的增長速度比已實現的上限要快，更多的投資者進入市場並擔任新職位。

The negative (red) zone correlates with bearish market conditions and major price corrections, as more investors offload their assets. With prices dropping and increased loss realization, investor confidence in the market begins to decline.

由於越來越多的投資者卸載其資產，負（紅色）區域與看跌的市場狀況和主要價格更正相關。隨著價格下降和損失的增加，投資者對市場的信心開始下降。

The highlighted chart shows that the Bitcoin price just witnessed a shift from red (bear market) to green (bull market) in recent days. Cosar believes that this change implies a potential parabolic rise in the price of BTC – as seen in the gold price over the past few months.

突出顯示的圖表顯示，最近幾天，比特幣價格剛剛見證了從紅色（熊市）到綠色（牛市）的轉變。 Cosar認為，這一變化意味著BTC價格的潛在拋物面上漲 - 在過去幾個月中的黃金價格中可以看出。

Bull Cycle Might Still Be On: CryptoQuant CEO

牛週期可能仍在：加密首席執行官

Two months ago, CryptoQuant Founder Ki Young Ju stated that the price of BTC had reached its peak and that the bull cycle was over. However, following the recent performance of the Bitcoin price, the on-chain analytics expert has walked back on his declaration.

兩個月前，CryptoQuant創始人Ki Young Ju表示，BTC的價格已經達到頂峰，並且牛週期結束了。但是，在比特幣價格最近表現之後，鏈分析專家逐漸回顧了他的宣言。

According to Ju, the Bitcoin market has become relatively more diverse and seems to be moving away from the traditional cycle theory. The crypto CEO alluded to the past cycles being controlled by the old whales, miners, and new retail investors, while exchange-traded funds (ETFs) issuers, Strategy (MSTR), and institutional investors are the main players in the current one.

根據JU的說法，比特幣市場已經變得相對多樣化，並且似乎正在擺脫傳統循環理論。加密首席執行官暗示了過去的鯨魚，礦工和新零售投資者控制的過去週期，而交易所交易的資金（ETF）發行人，戰略（MST）和機構投資者是當前一家的主要參與者。

Ju, however, mentioned that the Bitcoin market is still sluggish while absorbing new liquidity, even though the most recent price action is extremely bullish. Hence, the crypto founder hinted at waiting for a clearer signal before taking new market positions.

但是，JU提到比特幣市場在吸收新的流動性的同時仍然呆滯，儘管最近的價格行動極為看好。因此，加密創始人暗示在採取新的市場職位之前等待更清晰的信號。

As of press time, the flagship cryptocurrency is trading at just above the $103,000 mark, showing no significant change in price over the past 24 hours.

截至發稿時，旗艦加密貨幣的交易幅度略高於103,000美元，在過去24小時內沒有顯著變化。