比特币（BTC）价格可能在当前的公牛周期用完之前达到12万美元的市场顶部：分析师

在持续的价格篮板中，比特币价格在最近几周内取得了令人印象深刻的收益。自从4月中旬下跌以下75,000美元以下以来，资产的价格上涨了37.5％以上，高达105,490美元。

Crypto prices have been registering impressive gains in recent weeks amid an ongoing price rebound. Since dipping below the $75,000 mark in mid-April, the asset’s price has surged by over 37.5% to trade as high as $105,490.

在持续的价格反弹的情况下，最近几周，加密价格一直在获得令人印象深刻的收益。自从4月中旬下跌以下75,000美元以下以来，资产的价格上涨了37.5％以上，高达105,490美元。

While the BTC market seems to be cooling off, renowned crypto analyst Ali Martinez has tipped the premier cryptocurrency to hit a market top of $120,000 before the current bull cycle runs out.

尽管BTC市场似乎正在冷静下来，但著名的加密分析师阿里·马丁内斯（Ali Martinez）已经给了总理加密货币，在当前的公牛周期用完之前，达到了120,000美元的市场高价。

CVDD Metrics Hint At $120k Peak, But Only If $90k Support Holds

CVDD指标提示为$ 120K的高峰，但前提是$ 90K的支持持有

CVDD指标提示为$ 120K的高峰，但前提是$ 90K的支持持有

The Cumulative Value Days Destroyed (CVDD) is an on-chain metric that measures the total coin-days destroyed when dormant BTC moves, thus capturing the spending activity of long-term holders.

破坏的累积价值天（CVDD）是一个链度指标，可测量在休眠BTC移动时销毁的总硬币周期，从而捕获长期持有人的支出活动。

Basically, a surge in CVDD indicates significant profit-taking by long-term holders, which is an indicator of overheated market conditions.

基本上，CVDD的激增表明长期持有人的盈利巨大，这是市场状况过多的指标。

On the other hand, reduced CVDD action marks accumulation phases.

另一方面，降低的CVDD作用标记了积累阶段。

According to the chart presented by Martinez, prominent analytics firm CryptoQuant (CRYPTOQUANT ) is tracking multiple layers of the CVDD in its extrapolation.

根据马丁内斯（Martinez）提出的图表，著名的分析公司CryptoQuant（CryptoQuant）在其外推过程中正在跟踪CVDD的多层。

The Accessing Tops, i.e, the black line is placing the CVDD into an upper band that the price has reached at the major tops, such as at $20,000 in 2017 and $69,000 and 2021.

即访问顶部，即黑线将CVDD放在一个上层乐队中，价格已达到主要顶部，例如2017年的20,000美元，69,000美元和2021美元。

Presentl, the Accessing Tops is around $120,000, suggesting this could be the next market peak of this bull run.

Presentl，访问的上衣约为12万美元，这表明这可能是该公牛奔跑的下一个市场峰值。

Another important layer in CryptoQuant’s extrapolation of the CVDD is the Accumulating Phase 2, the second-tier support band that has repeatedly underpinned price throughout 2025. It is presently positioned at $90,000, marking the first major support line for bulls.

CryptoQuant推断CVDD的另一个重要层是累积阶段2，这是第二阶段的支撑带，在整个2025年都反复支撑了价格。目前的价格为90,000美元，标志着公牛队的第一条主要支持线。

With the present Bitcoin price at $103,242, Ali Martinez warns that preserving the price support at $90,000 is critical to maintaining Bitcoin’s bull structure and enabling a potential rise to $120,000.

由于目前的比特币价格为103,242美元，阿里·马丁内斯（Ali Martinez）警告说，将价格支撑保留为90,000美元对于维持比特币的牛市结构至关重要，并使潜在的上升至120,000美元。

Bitcoin Price Overview

比特币价格概述

比特币价格概述

At the time of writing, Bitcoin trades at $103,573, reflecting a slight market gain of 0.09% in the past day. Meanwhile, the asset’s daily trading volume is down by 17.92%, indicating a fall in market participation.

在撰写本文时，比特币的交易价格为103,573美元，反映了过去一天的0.09％的市场增长。同时，资产的日常交易量下降了17.92％，表明市场参与下降。

Presently, the next resistance level stands at $105,000. However, Martinez has stated that major positive developments will only follow when a price close above $107,000 is achieved.

目前，下一个阻力水平为105,000美元。但是，马丁内斯（Martinez）表示，只有在达到107,000美元以上的价格时，才有重大的积极发展。

Moreover, bullish sentiments remain high as illustrated by another impressive performance by the Bitcoin Spot ETFs, which registered a net inflow of $1.81 billion in the past week.

此外，比特币现场ETF的另一种令人印象深刻的表现所示，看涨的情绪仍然很高，该表演在过去一周的净流入量为18.1亿美元。

With a market cap of $2.04 trillion, Bitcoin continues to remain the most valuable digital asset, holding about 62.8% of the crypto market.

比特币的市值为2.04万亿美元，仍然是最有价值的数字资产，占加密货币市场约62.8％。