Alphractal说，比特币的增长可能会放缓，但其长期强度仍然存在。

Crypto分析公司Alphractal的新研究表明，比特币的爆炸性增长阶段在每个市场周期都变得越来越柔和 - 但这不一定是一件坏事。

Crypto analytics firm Alphractal has observed that the intensity of Bitcoin’s growth phases appears to be diminishing with each passing market cycle. Nevertheless, the firm highlights the persistence of long-term strength in the world’s leading cryptocurrency, even as explosiveness lessens.

加密分析公司（Alphractal）观察到，随着每个传递的市场周期，比特币生长阶段的强度似乎正在减少。然而，该公司强调了世界领先的加密货币中长期实力的持久性，尽管爆炸性降低了。

In its latest report, Alphractal delves into the historical tendency of Bitcoin to peak at a multiple of its 2-year moving average (2Y SMA) during bull markets. However, the firm remarks that these multiples have demonstrated a gradual decline, hinting at the asset transitioning into a more mature and less volatile stage.

在其最新报告中，Alphractal在牛市期间以其2年移动平均线（2Y SMA）的倍数达到了比特币达到顶峰的历史趋势。但是，该公司的评论表明，这些倍数已经逐渐下降，这暗示了资产过渡到更成熟且挥发性较小的阶段。

Early years saw Bitcoin's peak valuations at 15 times its 2Y SMA, but this dropped to 10 in 2017. Slipping further during the 2021 cycle, the asset saw a peak at 5 times the 2Y SMA, later revised down to 2.65 times. Notably, in the most recent cycle, Bitcoin failed to break above that 2.65 multiple of the 2Y SMA, further indicating the compression of returns and market stabilization.

早期，比特币的峰值估值为15倍，但在2017年下降到10倍。在2021年周期中进一步滑倒，资产的峰值达到了2y SMA的5倍，后来修改为2.65倍。值得注意的是，在最近的周期中，比特币未能超越2y SMA的2.65倍数，进一步表明收益和市场稳定的压缩。

Currently, Alphractal estimates the 2Y SMA ×2.65 level to be around $159,000, suggesting it as a potential price ceiling should momentum pick up again shortly.

目前，Alphractal估计2Y SMA×2.65水平约为159,000美元，这表明这是潜在的价格上限，应在不久后再次发挥动力。

Despite the narrowing gains, Alphractal analysts remain optimistic about Bitcoin's long-term path. "The opportunity to outperform the long-term average still exists," the firm stated, adding that each cycle continues to demonstrate structural strength, despite the lower highs.

尽管收益缩小，但字母分析师仍然对比特币的长期路径保持乐观。该公司表示：“超越长期平均的机会仍然存在。

In essence, Bitcoin seems to be entering a new phase of mature growth, which might be ideal for broader adoption and sustained value, especially for long-term investors.

从本质上讲，比特币似乎正在进入一个新的成熟增长阶段，这可能是更广泛的采用和持续价值的理想选择，尤其是对于长期投资者而言。