拉乌尔·帕尔（Raoul Pal）说，比特币的优势可能已经达到了这个周期的顶峰，altcoins可能是接下来的

真实的愿景创始人兼杰出交易名称Raoul Pal在周三表示，比特币的主导地位可能超过了这个周期。

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

真正的Vision创始人Raoul Pal警告说，我们可能会接近比特币在本周期的统治地位。

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，帕尔说，Demark指标在每日，每周和每月的比特币优势上都闪烁着最高信号。这表明市场顶部几个月的比特币可能即将结束，我们可能会看到加密货币市场发生了变化。

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.

比特币优势现在为65％。自2024年12月以来，这个数字一直在稳步增长，尽管它尚未达到2021年的74％或以前的2017年最高点。但是，这种强劲的上升趋势可能正在减弱，尤其是与去年同期的强劲下降相比。

DeMark Tops Flash Warning Signs

Demark顶部闪光警告标志

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的分析依赖于称为Demark指标的技术分析工具，这些工具用于确定何时可能失去势头。这些指标是由市场老将汤姆·德马克（Tom DeMark）创建的，它们旨在弥补价格模式和数量的细微变化。

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.

尽管PAL并未明确说明他所观察到的确切信号，但TD顺序的功能之一是找到这样的转折点。他们通过计算特定的价格范围和市场天数来生成可能表明趋势已经用尽的信号。

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，比特币自2025年初以来高出6％以上，并且刚刚收回了103K美元的水平。硬币正在逐渐朝着105,000美元的门槛迈进。但是，尽管比特币越来越高，但大多数其他加密货币仍无法保持步伐。

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.

统计数据表明，捕获了不包括比特币的加密货币市场价值的Total 2指数今年下降了近20％。它从1.34万亿美元下降到1.07万亿美元。比特币和其他市场的这种差异导致比特币的统治地位提高。如果PAL的分析是正确的，那么这种差异将很快开始缩小。

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

帕尔说：“一旦BTC达到顶峰，我们可能会看到资金流回山寨币。”

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.

交易者通常一旦感觉到顶级硬币已经用完了，他们通常会将重点从比特币转移到较小的硬币。资本倾向于在不同资产类别之间旋转以寻找最佳回报。在这种情况下，随着比特币达到其周期的顶点，它可能标志着Altcoin季节的发作。

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.

这是一个用来描述比特币以外的加密货币价格上涨的时期，通常是在牛市后来发生的。随着资本从比特币流出并进入山寨币，它可以提高牛市的步伐，并为那些利用时间转移的人带来更大的回报。

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.

帕尔还提到了他所说的“香蕉区”。这是他的术语，在一个时期，价格以锋利，弯曲的轨迹加速 - 有点像香蕉。他将其分为三个阶段。他说，第一阶段始于2024年11月，当时加密货币的价格开始爆发。

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.

现在他认为我们正在进入第二阶段，他称之为“香蕉奇异性”。随着越来越多的投资者开始寻求更大的风险硬币增益，山寨币开始增长的速度比比特币更快。这通常是人们开始看到较小的令牌的主要动作的时候。

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：比特币在顶部的时间可能正在减慢。如果技术指标是正确的，那么Altcoins可能很快就会占据中心位置。这不是第一次。在先前的公牛奔跑中，资本从比特币中旋转并进入山寨币，因为顶级硬币的统治地位逐渐消失。