比特幣（BTC）價格集會剛剛開始

根據X（以前是Twitter）的加密分析師Martyparty的說法，自2023年以來的比特幣價格集會主要是由Spot Bitcoin ETF驅動的。

Given the bearish state of the market and the recent Bitcoin price crash below $95,000, it’s unsurprising if many would believe that the end of the bull market is here. However, a crypto analyst negates this possibility, sharing details regarding the current position the market is in this bull cycle.

鑑於市場狀況和最近的比特幣價格崩潰低於95,000美元，這不足為奇，如果很多人相信牛市的終結就在這裡。但是，一位加密分析師否定了這種可能性，分享有關市場在該牛週期中的當前位置的詳細信息。

Bitcoin Price Rally Has Just Begun

比特幣價格集會剛剛開始

According to MartyParty, a crypto analyst on X (formerly Twitter), the Bitcoin price rally since 2023 has been primarily driven by institutional adoption through Spot Bitcoin ETFs. This price increase also occurred without the help of Quantitative Easing (QE), rate reductions, or liquidity injections.

根據X（以前是Twitter）的加密分析師Martyparty的說法，自2023年以來的比特幣價格集會主要是由Spot Bitcoin ETF驅動的。在沒有定量寬鬆（QE），降低速度或流動性注射的情況下，這種價格上漲也發生了。

People keep saying "bull market is over" but we're still in a bear market.

人們一直說“牛市已經結束”，但我們仍在熊市。

The Bitcoin price rally since 2023 has been driven mainly by institutional adoption with Spot Bitcoin ETFs and occurred without QE, rate reductions, or liquidity injections.

自2023年以來的比特幣價格集會主要是由現貨比特幣ETF的機構採用的，並且沒有量化寬鬆，降低速度或流動性注射。

Also, Trump presidency & Biden presidency both saw bull markets. pic.twitter.com/x7uZ7b7e7B

此外，特朗普總統和拜登總統職位都看到了牛市。 pic.twitter.com/x7uz7b7e7b

— MartyParty (@martyswinnery) August 28, 2023

- MartyParty（@martyswinnery）2023年8月28日

What this means is that while Bitcoin has risen over the past year, the true bull market is yet to come. The analyst argues that a real crypto bull market is expected when the Federal Reserve (FED) shifts to an accommodative stance, suggesting a stop in Quantitative Tightening (QT) and the beginning of rate cuts.

這意味著，儘管比特幣在過去一年中已經上升，但真正的牛市尚未到來。這位分析師認為，當美聯儲（美聯儲）轉移到適應性立場時，預計將有一個真正的加密牛市，這表明定量收緊（QT）和降低稅率的開始。

The Federal Reserve plays a critical role in determining the long-term trajectory of Bitcoin and other cryptocurrencies. Historically, crypto bull cycles have thrived in environments where liquidity is high, interest rates are low, and speculative risk-taking is encouraged.

美聯儲在確定比特幣和其他加密貨幣的長期軌跡方面起著至關重要的作用。從歷史上看，加密牛週期在流動性高，利率低並且鼓勵投機冒險的環境中蓬勃發展。

However, since 2022, the FED has aggressively tightened monetary policy to prevent further inflation, raising interest rates and decreasing liquidity through QT. Despite these unfavorable market conditions, Bitcoin experienced a historic uptrend, largely due to institutional inflows into Spot ETFs and political changes, including the inauguration of Donald Trump as the new United States (US) President.

但是，自2022年以來，美聯儲積極收緊貨幣政策，以防止通貨膨脹，提高利率並通過QT降低流動性。儘管有這些不利的市場狀況，比特幣經歷了歷史性的上升趨勢，這主要是由於機構流入了現貨ETF和政治變化，包括唐納德·特朗普（Donald Trump）擔任新美國總統的開幕典禮。

Although the market is currently in a downtrend, with concerns rising over the possibility of a bear market, MartyParty emphasizes that the bull market, where altcoins surge alongside Bitcoin, will likely begin when the FED shifts from QT to QE. The analyst declared that the bull market had not begun at all, highlighting that current market dips and crypto crashes present a prime accumulation opportunity for investors.

儘管市場目前處於下降趨勢，但由於擔心熊市的可能性，Martyparty強調，當美聯儲從QT轉移到量化寬鬆時，Altcoins與比特幣一起激增的牛市可能會開始。分析師宣布，牛市根本沒有開始，這強調了當前的市場下降和加密貨幣崩潰為投資者帶來了主要的積累機會。

He urges the broader crypto community to begin accumulating tokens now, when Fear, Uncertainty, and Doubt (FUD) still dominate the market and sentiment is negative. Historically, periods of market decline often precede major price surges; however, investors should still maintain caution as the market remains volatile and unpredictable.

他敦促更廣泛的加密社區現在開始積累令牌，當恐懼，不確定性和懷疑（FUD）仍然主導著市場和情感是負面的。從歷史上看，市場下降時期通常是在重大價格上漲之前的。但是，由於市場仍然動盪且不可預測，投資者仍應保持謹慎。

Analyst Says Market Is Positioned At A Bear Trap

分析師說，市場位於熊陷阱

While MartyParty claims that the bull run has not even begun, the analyst has also revealed that the market may be in a bear trap. For more clarity, a bear trap is a market situation where an asset's prices drop rapidly but quickly reverse and continue on a stronger upward momentum. Depending on how severe the price declines are, a bear trap can easily be confused for a bear market.

儘管Martyparty聲稱牛跑甚至還沒有開始，但分析師還透露，市場可能處於熊陷阱。為了更加清楚，熊陷阱是一種市場狀況，資產的價格迅速下降但迅速逆轉並繼續以更強的向上勢頭。根據價格下降的嚴重程度，熊陷阱很容易在熊市中混淆。

The analyst has warned investors not to fall for this market's bear trap, predicting the onset of a full-fledged bull market when FED rates decrease. He highlights that a critical moment to look out for was March 19, when the Federal Open Market Committee (FOMC) meeting will provide updates on the US economic outlook and potential rate cuts.

該分析師警告投資者不要落入該市場的熊陷阱，預測當美聯儲率降低時，成熟的牛市的開始。他強調，要注意的關鍵時刻是3月19日，屆時聯邦公開市場委員會（FOMC）會議將提供有關美國經濟前景和潛在降低利率的最新信息。