比特币可能正在进入自2020年以来最看涨的阶段 - 这就是为什么

根据天鹅的市场见解，当前的环境可能是自2020年以来比特币最看涨的设置。

Bitcoin (BTC) may be entering its most bullish phase since 2020, according to market insights from Swan.

根据Swan的市场见解，比特币（BTC）可能正在进入自2020年以来最看涨的阶段。

As the cryptocurrency market continues to heat up, a recent analysis by Swan reveals that the current environment could be setting up for the most bullish setup for Bitcoin since the 2020 bull market.

随着加密货币市场的继续升温，天鹅最近的一项分析表明，自2020年牛市以来，当前的环境可能正在为比特币的最看涨设置设置。

A combination of cooling gold prices, rising global liquidity, and increasing macro uncertainty seems to be paving the way for a major move by the flagship cryptocurrency.

冷却黄金价格，全球流动性上涨和宏观不确定性增加的结合似乎为旗舰加密货币的重大行动铺平了道路。

While gold, the traditional safe haven asset, experienced a 3% decline this week, Bitcoin quietly rose by approximately 4%. Swan points out that in the past, such patterns in the same time frame—like BTC’s ascent from $70K to $108K—have followed a similar type of divergence.

传统的避风港资产黄金本周下降了3％，但比特币悄悄上升了约4％。天鹅指出，过去，这种模式在同一时间范围内（例如BTC的上升从70k美元上升到108K $ 108K）都遵循类似类型的发散类型。

Furthermore, global liquidity, measured by the M2 money supply, is increasing for the first time since 2021. As Swan highlights, every major Bitcoin bull market has been accompanied by expanding money supply, leading to softening financial conditions and declining trust in fiat currency—conditions that are now resurfacing.

此外，以M2货币供应衡量的全球流动性自2021年以来首次增加。正如天鹅的亮点一样，每个主要的比特币牛市都伴随着货币供应的扩大，导致财务状况的软化和对法定货币的信任下降 - 现在正在重新铺设的条件。

"The last time we saw this level of VIX volatility was in March 2020, at the onset of the coronavirus pandemic," adds Swan.

天鹅补充说：“我们上次看到这种VIX波动率是在2020年3月，在冠状病毒大流行病开始时。”

However, despite the VIX index stabilizing, the underlying uncertainty persists. Bitcoin typically flourishes in such environments due to its certainty, neutrality, and immunity to systemic risk.

但是，尽管VIX指数稳定，但潜在的不确定性仍然存在。由于比特币的确定性，中立性和对系统性风险的免疫力，比特币通常会在这种环境中蓬勃发展。

Together, these signals suggest that Bitcoin may be on the verge of another major rally, with Swan analysts hinting at a potentially explosive move in the months ahead.

总之，这些信号表明比特币可能处于另一个主要集会的边缘，天鹅分析师暗示了未来几个月的潜在爆炸性动作。