比特币（BTC）价格遵循Gold的脚步

在过去的几周中，比特币的价格很高兴，从74,000美元的低点弹起，再次恢复了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.

在过去的几周中，比特币（BTC）的价格一直是眼睛酸痛的景象，从74,000美元的低点弹起，以超过至关重要的100,000美元水平的交易。有趣的是，最新的链链数据表明，总理的加密货币可能正在准备为新的历史高位设置，并可能开始新的公牛奔跑。

Bitcoin Price To Follow Gold’s Footsteps

比特币价格遵循Gold的脚步

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，链链分析师易卜拉欣·卡萨尔（Ibrahim Cosar）提供了一个有趣的数据驱动洞察力，以了解未来几个月比特币价格的潜在轨迹。这里相关的指标是增长率差异（市值与已实现的CAP），它衡量了资产市值和已实现资本化之间增长率的差异。

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.

根据Cosar的说法，增长率差异有助于评估投资者的行为（无论市场过于悲观还是乐观）和不同的市场周期。该指标还有助于确定实际价值增长与价格增长之间的相关性，同时评估价格趋势的可持续性。

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.

如上图所示，正面区域（用绿色表示）通常表示看涨市场状况。它表明，市值的增长速度比已实现的上限要快，更多的投资者进入市场并担任新职位。

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.

由于越来越多的投资者卸载其资产，负（红色）区域与看跌的市场状况和主要价格更正相关。随着价格下降和损失的增加，投资者对市场的信心开始下降。

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.

突出显示的图表显示，最近几天，比特币价格刚刚见证了从红色（熊市）到绿色（牛市）的转变。 Cosar认为，这一变化意味着BTC价格的潜在抛物面上涨 - 在过去几个月中的黄金价格中可以看出。

Bull Cycle Might Still Be On: CryptoQuant CEO

牛周期可能仍在：加密首席执行官

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.

两个月前，CryptoQuant创始人Ki Young Ju表示，BTC的价格已经达到顶峰，并且牛周期结束了。但是，在比特币价格最近表现之后，链分析专家逐渐回顾了他的宣言。

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.

根据JU的说法，比特币市场已经变得相对多样化，并且似乎正在摆脱传统循环理论。加密首席执行官暗示了过去的鲸鱼，矿工和新零售投资者控制的过去周期，而交易所交易的资金（ETF）发行人，战略（MST）和机构投资者是当前一家的主要参与者。

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提到比特币市场在吸收新的流动性的同时仍然呆滞，尽管最近的价格行动极为看好。因此，加密创始人暗示在采取新的市场职位之前等待更清晰的信号。

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.

截至发稿时，旗舰加密货币的交易幅度略高于103,000美元，在过去24小时内没有显着变化。