传统的比特币价格周期正在失去影响

在减半活动之后，传统的四年比特币价格周期正在失去整个市场的影响。

The narrative of a four-year Bitcoin price cycle, traditionally observed to follow halving events, is losing its impact across the cryptocurrency market.

传统上观察到的四年比特币价格周期的叙述是在整个加密货币市场上失去了影响。

Analyst Ash Crypto highlighted that the historical Bitcoin cycle used to contain four distinct stages: a bear market, followed by an accumulation, then a bull market, and finally, the euphoria phase. However, recent market trends suggest that the Bitcoin price cycle is becoming less predictable, while liquidity factors are emerging as stronger determinants of its price movements.

分析师Ash Crypto强调说，历史比特币周期过去包含四个不同的阶段：熊市，其次是积累，然后是牛市，最后是欣快阶段。但是，最近的市场趋势表明，比特币价格周期变得越来越难以预测，而流动性因素正逐渐成为其价格变动的决定因素。

“IS THE 4-YEAR CYCLE DEAD, OR IS IT ALL ABOUT LIQUIDITY?The traditional 4-year crypto cycle tied to Bitcoin (BTC) halvings looks like it is becoming irrelevant.Historically, the cycle included:👉 Bear market👉 Accumulation phase👉 Bull market👉 Euphoria phaseThis Cycle is… pic.twitter.com/xLasJ3cWOp

“ 4年周期是否死了，还是全部与流动性有关？与比特币（BTC）匹配的传统4年加密循环看起来无关紧要。从历史上看，包括：👉熊市👉熊市👉累积相位👉bull bullMarket👉euphoriaphasec.pic.twitter cyc.pic.twitter.com.twitter.com/xlasj3cwop

The cryptocurrency market typically moves following the schedule of halving events, which creates significant market transitions. The bear market transitions to an accumulation phase before the bull market emerges, followed by an extreme growth phase. The anticipated post-halving bull market has failed to materialize yet one year since the Bitcoin halving event occurred. Bitcoin has outpaced other cryptocurrencies because investment flows from different sources.

加密货币市场通常会按照减半事件的时间表进行移动，从而产生了重大的市场过渡。在牛市出现之前，熊市市场过渡到累积阶段，然后是极端的增长阶段。自比特币减半事件发生以来，预期的钟表后牛市未能实现一年。比特币已经超过了其他加密货币，因为投资来自不同来源。

Bitcoin price has increasingly followed the investment trends from institutional stakeholders. Retail investors, who previously drove the demand for altcoins, are now concentrating their attention on Bitcoin, alongside the emerging institutional support for Bitcoin ETFs and increased involvement from institutional investors. Bitcoin shows superior market performance compared to other cryptocurrencies due to a shift in market dynamics.

比特币价格越来越遵循机构利益相关者的投资趋势。以前推动过对Altcoins的需求的散户投资者现在将注意力集中在比特币上，以及对比特币ETF的机构支持，并增加了机构投资者的参与。由于市场动态的变化，比特币与其他加密货币相比表现出卓越的市场性能。

Liquidity Drives Bitcoin’s Price Movements

流动性驱动比特币的价格变动

The movements in Bitcoin’s price are mainly driven by liquidity. Global liquidity has surged to unprecedented levels throughout the first quarter by adding $5.5 billion, which could reach a $12 billion increase for the entire year. Bitcoin functions as the principal asset class in which crypto market participants place their new capital inflow. The market conditions will experience substantial alterations due to this incoming liquidity flow, regardless of traditional cycle patterns.

比特币价格的机芯主要由流动性驱动。在第一季度，全球流动性飙升至空前的水平，增加了55亿美元，全年可能会增加120亿美元。比特币是加密市场参与者将其新资本流入的主要资产类别。由于传统的周期模式如何，由于这种传入的流动性流动，市场状况将经历重大变化。

The M2 money supply leads Bitcoin price movements by 10–12 weeks, and Bitcoin reacts to rising global liquidity with a strong upward shift. The market data supports the notion that liquidity functions as the primary market influence, rather than being driven by periodic cycles.

M2货币供应将比特币价格转移到10-12周，而比特币对全球流动性上升的反应并发生了强烈的向上变化。市场数据支持流动性作为主要市场影响的观念，而不是由周期性周期驱动。

Current market dynamics indicate a shift away from previous predictable patterns. The upcoming price behavior of Bitcoin is likely to be influenced by global liquidity patterns and institutional funding activity rather than by recurring four-year cycles. The growing liquidity will drive Bitcoin prices upward, thus proving that external factors matter more than halving cycles for market performance.”

当前的市场动态表明从以前的可预测模式转移。比特币的即将到来的价格行为可能会受到全球流动性模式和机构资助活动的影响，而不是反复发生的四年周期。不断增长的流动性将使比特币价格上升，从而证明外部因素比使市场绩效的周期减半更重要。”

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该职位是4年周期死亡，还是全部与流动性有关？首先出现。