分析師說，比特幣牛週期還沒有結束。

自2月初以來，比特幣一直在努力打破100,000美元的成績。

Bitcoin’s bull cycle may still be raging on, with two indicators suggesting that the leading coin’s price could continue to rise.

比特幣的牛週期可能仍在肆虐，有兩個指標表明，領先的硬幣的價格可能會繼續上漲。

According to CryptoQuant’s pseudonymous analyst MAC_D, two crucial on-chain metrics point towards a bullish uptrend for BTC.

根據CryptoQuant的化名分析師MAC_D的說法，兩個至關重要的鍊鍊指標指向BTC的看漲上升趨勢。

In a recent analysis, the analyst highlights the realized market capitalization and the proportion of coins held by long-term holders (LTHs) as key indicators.

在最近的分析中，分析師強調了已實現的市值和長期持有人（LTHS）作為關鍵指標所持有的硬幣的比例。

Bitcoin’s realized market capitalization, which calculates the coin’s total value at the price it last moved, has reached an all-time high of $857 billion. This metric is crucial as it reflects the value held by long-term investors and the cost basis of the coins in circulation.

比特幣實現的市值，以其上次上漲的價格計算了硬幣的總價值，已達到8570億美元的歷史最高水平。該指標至關重要，因為它反映了長期投資者的價值以及發行中硬幣的成本基礎。

When BTC’s realized market cap rises like this, it indicates that long-term investors, such as those who have held their coins for over a year, are continuing to hold on. It also suggests that the coins that have changed hands recently are doing so at increasingly higher prices. This is usually seen as a sign of confidence in Bitcoin’s future value.

當BTC實現的市值上升時，它表明長期投資者（例如那些擁有硬幣的人一年多的人）將繼續堅持下去。這也表明，最近易手的硬幣以越來越高的價格做到這一點。這通常被視為對比特幣未來價值的信心。

With more coins being held at higher prices, it can reduce selling pressure from LTHs. They are unlikely to sell unless the coin’s value reaches levels well above their acquisition cost. This can reduce the downward pressure on the coin and could lead to more upward momentum in the short term.

隨著更多的硬幣以更高的價格持有，它可以減輕LTH的銷售壓力。除非硬幣的價值達到其收購成本的水平，否則它們不太可能出售。這可以降低硬幣的向下壓力，並在短期內導致更高的動量。

This trend is further confirmed by the increasing proportion of coins being held by BTC’s LTHs.

通過BTC的LTHS持有的硬幣比例增加，進一步證實了這一趨勢。

“At the previous cycle’s price peak, their proportion was 15.66%, while it currently stands at 39.74%. This suggests that the market likely hasn’t reached its peak yet, considering the previous cycle’s ratio,” MACD_D writes.

“在上一個週期的價格高峰時，它們的比例為15.66％，而目前為39.74％。這表明，考慮到上一個週期的比率，市場可能還沒有達到頂峰。” MacD_D寫道。

This increase suggests that long-term investors now hold a significant portion of Bitcoin. Given that the previous cycle’s price peak occurred when the ratio was much lower, the current ratio suggests there’s still room for price growth before reaching a cycle top.

這一增長表明，長期投資者現在擁有大部分比特幣。鑑於上一個週期的價格峰值在比率較低時發生，因此當前比率表明在達到週期頂部之前，仍然有價格增長的餘地。

BTC Price Now, What’s Next?

BTC價格現在，下一步是什麼？

At the time of writing, Bitcoin is trading at $96,834, resting above the support level at $95,513. A sustained increase in coins held by LTHs could drive BTC towards the next resistance at $98,118.

在撰寫本文時，比特幣的交易價格為96,834美元，在支撐級高於95,513美元以上。 LTHS持有的硬幣持續增加可能會將BTC推向下一個阻力，為98,118美元。

If this key resistance is breached, BTC could surge past $100,000, signaling a new phase in the bull run.

如果違反了這種關鍵阻力，BTC可能會超過100,000美元，這標誌著公牛奔跑的新階段。

However, if profit-taking intensifies, this bullish outlook may be invalidated. In that case, BTC’s price could dip below the $95,513 support, potentially falling to the next level at $91,473.

但是，如果利潤增強，這種看漲的前景可能會無效。在這種情況下，BTC的價格可能低於95,513美元的支持，有可能下降至91,473美元。