拉烏爾·帕爾（Raoul Pal）說，比特幣的優勢可能已經達到了這個週期的頂峰，altcoins可能是接下來的

真實的願景創始人兼傑出交易名稱Raoul Pal在周三表示，比特幣的主導地位可能超過了這個週期。

Real Vision founder Raoul Pal has warned that we may be nearing the peak of Bitcoin’s dominance this cycle.

真正的Vision創始人Raoul Pal警告說，我們可能會接近比特幣在本週期的統治地位。

In an X post on Wednesday, Pal stated that DeMark Indicators are flashing top signals on the daily, weekly, and monthly charts for Bitcoin dominance. This signals that several months of Bitcoin at the top of the market may be coming to an end, and we could be seeing a shift in the crypto market.

在周三的X帖子中，帕爾說，Demark指標在每日，每周和每月的比特幣優勢上都閃爍著最高信號。這表明市場頂部幾個月的比特幣可能即將結束，我們可能會看到加密貨幣市場發生了變化。

Bitcoin dominance is now at nearly 65%. This figure has been increasing steadily since December 2024, although it’s still yet to reach the 2021 high of 74%, or the 2017 high previously. However, this strong upward trend may be weakening, especially in comparison to the strong decrease in the same period last year.

比特幣優勢現在為65％。自2024年12月以來，這個數字一直在穩步增長，儘管它尚未達到2021年的74％或以前的2017年最高點。但是，這種強勁的上升趨勢可能正在減弱，尤其是與去年同期的強勁下降相比。

DeMark Tops Flash Warning Signs

Demark頂部閃光警告標誌

Pal’s analysis relies on technical analysis tools called DeMark Indicators, which are used to identify when a trend could be losing momentum. The indicators were created by market veteran Tom DeMark, and they’re designed to pick up subtle changes in price patterns and volume.

PAL的分析依賴於稱為Demark指標的技術分析工具，這些工具用於確定何時可能失去勢頭。這些指標是由市場老將湯姆·德馬克（Tom DeMark）創建的，它們旨在彌補價格模式和數量的細微變化。

Although Pal didn’t specifically state what the exact signals were that he watched for, one of the TD Sequential’s functions is to find turning points like this. They work by counting specific price ranges and market days to generate signals that could indicate a trend is exhausted.

儘管PAL並未明確說明他所觀察到的確切信號，但TD順序的功能之一是找到這樣的轉折點。他們通過計算特定的價格範圍和市場天數來生成可能表明趨勢已經用盡的信號。

Currently, Bitcoin is over 6% higher since the beginning of 2025 and has just reclaimed the $103k level. The coin is slowly making its way toward the $105,000 threshold. But while Bitcoin is going higher, most other cryptocurrencies have not been able to keep pace.

目前，比特幣自2025年初以來高出6％以上，並且剛剛收回了103K美元的水平。硬幣正在逐漸朝著105,000美元的門檻邁進。但是，儘管比特幣越來越高，但大多數其他加密貨幣仍無法保持步伐。

Statistics indicate that the TOTAL2 index, which captures the value of the crypto market excluding Bitcoin, has fallen by almost 20% this year. It declined from $1.34 trillion to $1.07 trillion. This difference between Bitcoin and the rest of the market has contributed to increasing Bitcoin’s dominance. If Pal’s analysis is correct, this difference will soon begin to narrow.

統計數據表明，捕獲了不包括比特幣的加密貨幣市場價值的Total 2指數今年下降了近20％。它從1.34萬億美元下降到1.07萬億美元。比特幣和其他市場的這種差異導致比特幣的統治地位提高。如果PAL的分析是正確的，那麼這種差異將很快開始縮小。

"As soon as BTC peaks, we may see money flowing back into altcoins," said Pal.

帕爾說：“一旦BTC達到頂峰，我們可能會看到資金流回山寨幣。”

Traders usually move their focus from Bitcoin to smaller coins as soon as they feel the top coin has gotten its run out. Capital tends to rotate between different asset classes in search of the best returns. In this case, as Bitcoin reaches the apex of its cycle, it may signal the onset of altcoin season.

交易者通常一旦感覺到頂級硬幣已經用完了，他們通常會將重點從比特幣轉移到較小的硬幣。資本傾向於在不同資產類別之間旋轉以尋找最佳回報。在這種情況下，隨著比特幣達到其周期的頂點，它可能標誌著Altcoin季節的發作。

This is a term used to describe a period of strong price increases in cryptocurrencies other than Bitcoin, typically occurring later in a bull market. As capital flows out of Bitcoin and into altcoins, it can heighten the pace of the bull market and generate even greater returns for those who capitalize on the shift in time.

這是一個用來描述比特幣以外的加密貨幣價格上漲的時期，通常是在牛市後來發生的。隨著資本從比特幣流出並進入山寨幣，它可以提高牛市的步伐，並為那些利用時間轉變的人帶來更大的回報。

Pal also mentioned what he refers to as the “Banana Zone.” It’s his terminology for a period where prices accelerate in a sharp, curved trajectory — sort of like a banana. He divides this into three phases. Phase one, he says, began in November 2024, when the prices of crypto started to break out.

帕爾還提到了他所說的“香蕉區”。這是他的術語，在一個時期，價格以鋒利，彎曲的軌跡加速 - 有點像香蕉。他將其分為三個階段。他說，第一階段始於2024年11月，當時加密貨幣的價格開始爆發。

Now he believes we’re entering phase two, which he calls the “Banana Singularity.” That’s the part where altcoins start rising faster than Bitcoin, as more investors start hunting for bigger gains in riskier coins. This is usually when people start seeing major moves across smaller tokens.

現在他認為我們正在進入第二階段，他稱之為“香蕉奇異性”。隨著越來越多的投資者開始尋求更大的風險硬幣增益，山寨幣開始增長的速度比比特幣更快。這通常是人們開始看到較小的令牌的主要動作的時候。

Pal’s message is crystal clear: Bitcoin’s time at the top may be slowing down. If the technical indicators are correct, altcoins may soon be taking center stage. It wouldn’t be the first time. In previous bull runs, capital rotated out of Bitcoin and into altcoins as the top coin’s dominance tailed off.

PAL的信息很清楚：比特幣在頂部的時間可能正在減慢。如果技術指標是正確的，那麼Altcoins可能很快就會佔據中心位置。這不是第一次。在先前的公牛奔跑中，資本從比特幣中旋轉並進入山寨幣，因為頂級硬幣的統治地位逐漸消失。