Alphractal說，比特幣的增長可能會放緩，但其長期強度仍然存在。

Crypto分析公司Alphractal的新研究表明，比特幣的爆炸性增長階段在每個市場週期都變得越來越柔和 - 但這不一定是一件壞事。

Crypto analytics firm Alphractal has observed that the intensity of Bitcoin’s growth phases appears to be diminishing with each passing market cycle. Nevertheless, the firm highlights the persistence of long-term strength in the world’s leading cryptocurrency, even as explosiveness lessens.

加密分析公司（Alphractal）觀察到，隨著每個傳遞的市場週期，比特幣生長階段的強度似乎正在減少。然而，該公司強調了世界領先的加密貨幣中長期實力的持久性，儘管爆炸性降低了。

In its latest report, Alphractal delves into the historical tendency of Bitcoin to peak at a multiple of its 2-year moving average (2Y SMA) during bull markets. However, the firm remarks that these multiples have demonstrated a gradual decline, hinting at the asset transitioning into a more mature and less volatile stage.

在其最新報告中，Alphractal在牛市期間以其2年移動平均線（2Y SMA）的倍數達到了比特幣達到頂峰的歷史趨勢。但是，該公司的評論表明，這些倍數已經逐漸下降，這暗示了資產過渡到更成熟且揮發性較小的階段。

Early years saw Bitcoin's peak valuations at 15 times its 2Y SMA, but this dropped to 10 in 2017. Slipping further during the 2021 cycle, the asset saw a peak at 5 times the 2Y SMA, later revised down to 2.65 times. Notably, in the most recent cycle, Bitcoin failed to break above that 2.65 multiple of the 2Y SMA, further indicating the compression of returns and market stabilization.

早期，比特幣的峰值估值為15倍，但在2017年下降到10倍。在2021年周期中進一步滑倒，資產的峰值達到了2y SMA的5倍，後來修改為2.65倍。值得注意的是，在最近的周期中，比特幣未能超越2y SMA的2.65倍數，進一步表明收益和市場穩定的壓縮。

Currently, Alphractal estimates the 2Y SMA ×2.65 level to be around $159,000, suggesting it as a potential price ceiling should momentum pick up again shortly.

目前，Alphractal估計2Y SMA×2.65水平約為159,000美元，這表明這是潛在的價格上限，應在不久後再次發揮動力。

Despite the narrowing gains, Alphractal analysts remain optimistic about Bitcoin's long-term path. "The opportunity to outperform the long-term average still exists," the firm stated, adding that each cycle continues to demonstrate structural strength, despite the lower highs.

儘管收益縮小，但字母分析師仍然對比特幣的長期路徑保持樂觀。該公司表示：“超越長期平均的機會仍然存在。

In essence, Bitcoin seems to be entering a new phase of mature growth, which might be ideal for broader adoption and sustained value, especially for long-term investors.

從本質上講，比特幣似乎正在進入一個新的成熟增長階段，這可能是更廣泛的採用和持續價值的理想選擇，尤其是對於長期投資者而言。