比特幣面臨大幅調整，但 Glassnode 分析師關注未來成長

儘管比特幣的價值最近從歷史高點下跌了 20%，但 Glassnode 分析師仍然對加密貨幣的未來持樂觀態度，理由是其強勁的宏觀上升趨勢和波動性降低。比特幣的下跌伴隨著流動性的增加和波動性的下降，從而加強了比特幣的地位。儘管它面臨 60,000 美元的支撐位，但反彈至 66,000 美元上方可能會推動其突破之前的最高點。

Bitcoin Faces Significant Correction, But Analysts Remain Cautious Optimistic

比特幣面臨大幅回調，但分析師仍持謹慎樂觀態度

In the dynamic and volatile realm of cryptocurrency, Bitcoin has experienced a noteworthy decline, its most substantial since the FTX collapse in November 2022. The digital asset has plunged by over 20% from its peak of approximately $74,000, raising concerns among some observers. However, analysts at Glassnode, a data analytics firm specializing in blockchain technology, maintain a cautious optimism about Bitcoin's future prospects.

在動態且波動的加密貨幣領域，比特幣經歷了值得注意的下跌，這是自2022 年11 月FTX 崩盤以來最大幅度的下跌。一些觀察人士的擔憂。然而，專門從事區塊鏈技術的數據分析公司Glassnode的分析師對比特幣的未來前景保持謹慎樂觀。

Amidst the recent downturn, Glassnode emphasizes that Bitcoin's long-term trend remains robust and historically reliable. Despite occasional corrections, these have proven to be relatively shallow compared to the fluctuations witnessed in traditional financial markets. An increase in liquidity, coupled with a decrease in volatility, has bolstered Bitcoin's overall position, leading many, including Glassnode, to anticipate continued growth.

在最近的低迷中，Glassnode 強調，比特幣的長期趨勢仍然強勁且歷史可靠。儘管偶爾會出現調整，但與傳統金融市場的波動相比，這些調整相對較淺。流動性的增加，加上波動性的降低，支撐了比特幣的整體地位，導致包括 Glassnode 在內的許多人預計比特幣將持續成長。

Following the recent retreat from its March 2023 highs, Bitcoin has exhibited a determined effort to hold its ground within the uptrend. Presently, it faces a support level around $60,000. However, a crucial resistance point to monitor on the downward trajectory is $56,500. Should prices rebound and surpass the $66,000 threshold, a potential rally could propel Bitcoin beyond $72,000, potentially even reaching its previous zenith of $74,000.

在最近從 2023 年 3 月的高點回落之後，比特幣表現出了在上升趨勢中守住陣地的堅定努力。目前，其面臨 6 萬美元左右的支撐位。然而，下行軌跡上需要監控的關鍵阻力位在 56,500 美元。如果價格反彈並超過 66,000 美元的門檻，潛在的反彈可能會推動比特幣突破 72,000 美元，甚至可能達到之前的最高點 74,000 美元。

Nevertheless, for the bullish momentum to persist and drive prices higher, it is essential to consider the underlying fundamental factors. While technical analysis can provide support, historical data reveals that price action is often closely intertwined with market events.

然而，為了持續看漲動能並推動價格走高，必須考慮潛在的基本面因素。雖然技術分析可以提供支持，但歷史數據表明，價格走勢往往與市場事件密切相關。

Glassnode notes that Bitcoin's robust macro trend, characterized by bullish sentiment, has mitigated volatility spikes, contributing to the maintenance of the uptrend. The cumulative impact of increasingly shallow corrections underscores a maturing market, further supported by the growing involvement of institutional investors.

Glassnode 指出，比特幣強勁的宏觀趨勢（以看漲情緒為特徵）緩解了波動性峰值，有助於維持上升趨勢。調整幅度越來越小所產生的累積影響凸顯了市場的日趨成熟，而機構投資者的持續參與也進一步支撐了市場的成熟。

Confidence in Bitcoin's long-term trajectory remains high. On-chain data indicates that a significant investor has taken advantage of the correction's reduced prices, amassing a substantial amount of the digital asset. Over the past week, this "whale" has acquired over 100 BTC, bringing their total accumulation for the month to more than 7,257 BTC. This aggressive accumulation suggests that, despite Bitcoin's recent highs, it may still be undervalued.

對比特幣長期軌跡的信心仍然很高。鏈上數據表明，重要投資者利用價格調整的下跌，累積了大量數位資產。在過去的一周裡，這隻「鯨魚」已經獲得了超過 100 BTC，使他們當月的總累積量超過 7,257 BTC。這種積極的累積表明，儘管比特幣近期觸及高點，但它的價值可能仍然被低估。

Furthermore, positive indicators suggest additional tailwinds may be on the horizon for Bitcoin. Former United States President Donald Trump's recent announcement that his ongoing campaign will accept cryptocurrency donations marks a notable shift from his previous dismissal of digital assets. This move is widely viewed as a bullish development.

此外，積極的指標表明比特幣可能即將迎來更多的順風車。美國前總統川普最近宣布，他正在進行的競選活動將接受加密貨幣捐贈，這標誌著他與先前對數位資產的否定發生了顯著轉變。此舉被廣泛視為看漲的發展。

Concurrently, European regulators are considering granting Bitcoin approval as an eligible investment within Undertakings for Collective Investment in Transferable Securities (UCITS) funds. If implemented, this could unlock billions of dollars from European institutional investors into the Bitcoin market.

同時，歐洲監管機構正在考慮批准比特幣作為可轉讓證券集體投資基金（UCITS）基金中的合格投資。如果實施，這可能會將歐洲機構投資者的數十億美元釋放到比特幣市場。

Additionally, prominent banking institutions such as Morgan Stanley and BNP Paribas are exploring avenues to facilitate their clients' investment in BTC.

此外，摩根士丹利和法國巴黎銀行等著名銀行機構正在探索促進客戶投資比特幣的途徑。

At the macro level, the expanding M2 money supply in the United States highlights concerns raised by the Federal Reserve about inflationary pressures. This could potentially fuel demand for Bitcoin, which, like gold, is often perceived as a safe haven and a hedge against inflation due to its deflationary supply design.

宏觀層面，美國M2貨幣供應擴張凸顯聯準會對通膨壓力的擔憂。這可能會刺激對比特幣的需求，與黃金一樣，由於其通貨緊縮的供應設計，比特幣通常被視為避風港和對沖通膨的工具。

While the recent correction has raised concerns, it is important to recognize that Bitcoin's long-term trend remains intact. Analysts at Glassnode and others maintain a cautious optimism about its future prospects, supported by fundamental factors such as increasing institutional adoption, a robust macro trend, and potential regulatory tailwinds. As the cryptocurrency market continues to evolve, it will be crucial to monitor these factors closely to assess Bitcoin's trajectory and identify potential opportunities.

儘管最近的調整引發了擔憂，但重要的是要認識到比特幣的長期趨勢仍然完好無損。 Glassnode 和其他公司的分析師對其未來前景保持謹慎樂觀態度，這得益於機構採用率不斷提高、宏觀趨勢強勁以及潛在的監管利好等基本面因素。隨著加密貨幣市場的不斷發展，密切監控這些因素以評估比特幣的軌跡並發現潛在機會至關重要。