比特幣[BTC]在大量衰退之後重新獲得了看漲的動力

比特幣[BTC]在大幅下滑後重新獲得了看漲的動力，其價格下降到7.8萬美元

Bitcoin [BTC] is known for its decentralized nature, powered by a distributed ledger technology called blockchain.

比特幣[BTC]以其分散性的性質而聞名，該性質由分佈式分類帳技術提供支持。

As new users join the network, they contribute to expanding its overall adoption.

隨著新用戶加入網絡，他們為擴大其整體採用做出了貢獻。

However, despite a recent surge in BTC’s price, which hit a new all-time high of $109K before pulling back to lows of $78K, its wallet count has shown minimal expansion over the past year.

然而，儘管BTC的價格最近飆升，但在退回到78,000美元的低點之前，它的新歷史最高售價為109K，但其錢包數量在過去一年中顯示出最小的擴張。

As BTC is now making a strong recovery, concerns remain about the underlying network growth.

由於BTC現在正在大力恢復，因此仍然關注基礎網絡增長。

Jurrien Timmer, Director of Global Macro at Fidelity Investments, pointed out the lack of significant change in Bitcoin’s wallet count.

Fidelity Investments全球宏觀主管Jurrien Timmer指出，比特幣的錢包數量缺乏重大變化。

This raises questions about whether the latest price surge is fueled by organic adoption or short-term market speculation.

這就提出了有關有機採用還是短期市場投機所推動的最新價格上漲的問題。

According to Timmer, the lack of new users engaging with BTC’s network can be attributed to the approval of U.S.-based spot ETFs and MicroStrategy’s aggressive accumulation strategy.

根據Timmer的說法，缺乏與BTC網絡接觸的新用戶可以歸因於基於美國的ETF和MicroStrategy的積極積累策略的批准。

Institutional buyers, unlike retail investors, require only a few wallets to manage substantial holdings, limiting the apparent expansion of the network.

與散戶投資者不同，機構買家只需要幾個錢包來管理大量持股，從而限制了網絡的明顯擴展。

However, he remains confident in BTC’s long-term trajectory, noting that its adoption follows the S-curve seen in other exponential technologies.

但是，他對BTC的長期軌跡仍然有信心，並指出其採用遵循其他指數技術中的S曲線。

Additionally, Bitcoin’s valuation adheres to the power law model, where its value increases as more participants engage with the network, reinforcing its long-term potential.

此外，比特幣的估值遵守了權力法模型，隨著更多參與者與網絡互動，其價值增加，從而增強了其長期潛力。

Taking to X, Timer added,

計時器添加到x，

“Unfortunately, this will make it more difficult to track the adoption curve going forward.”

“不幸的是，這將使跟踪未來的採用曲線更加困難。”

.

。

According to Sina, co-founder at 21stCapital, wallet addresses are deviating from the decade-long trend.

根據21stCapital的聯合創始人Sina的說法，錢包地址偏離了十年的趨勢。

Additionally, Chris Kuiper, director of research at Fidelity Digital Assets, highlighted Bitcoin’s underwhelming performance compared to traditional markets over the past four years.

此外，富達數字資產研究總監克里斯·庫珀（Chris Kuiper）強調了比特幣在過去四年中的表現不佳。

While Bitcoin has recorded a 17% compound annual growth rate (CAGR), the S&P 500 is not far behind at 13%.

儘管比特幣記錄了17％的複合年增長率（CAGR），但標準普爾500指數卻落後於13％。

However, when factoring in risk-adjusted returns, BTC falls short, as investors have faced nearly four times the volatility for only a marginally higher return.

但是，在考慮風險調整後的收益中，BTC不足，因為投資者面臨近四倍的波動率，只有較高的回報。

This further raised concerns about Bitcoin’s risk-reward profile, especially for institutional investors seeking more stable yet competitive investment opportunities.

這進一步引起了人們對比特幣的風險回報概況的擔憂，尤其是對於尋求更穩定但競爭性投資機會的機構投資者。

Kuiper said,

庫珀說，

“So this particular 4-year period has so far underperformed the previous cycles. If we really did peak earlier this year, then this will be quite the disappointing cycle.”

“因此，到目前為止，這個特殊的四年期的表現不佳。如果我們確實在今年早些時候達到了頂峰，那麼這將是令人失望的周期。”

Kuiper acknowledges the possibility of an extended market cycle, suggesting that BTC’s trajectory may not follow past patterns rigidly.

Kuiper承認了擴展市場週期的可能性，這表明BTC的軌跡可能不會嚴格遵循過去的模式。

Bitcoin’s current price action

比特幣的當前價格行動

At press time, BTC was trading at $88,036.11 after a 0.64% daily increase and also recorded a solid 4.90% weekly gain, according to CoinMarketCap.

根據CoinMarketCap的數據，截至發稿時，BTC的交易價格增加了0.64％，並記錄了每週4.90％的穩定收益。

Notably, its recent breakout above the $86,800 resistance on 24th March signals renewed bullish momentum.

值得注意的是，它最近的突破超過了3月24日的86,800美元抵抗，這表明了看漲的勢頭。

Therefore, as Bitcoin continues to navigate market fluctuations, investors remain watchful for signs of a sustained rally or potential corrections in the coming weeks.

因此，隨著比特幣繼續導致市場波動，投資者在接下來的幾週內仍保持持續集會或潛在糾正的跡象。

However, whether this price surge will drive adoption still remains a point of debate.

但是，這種價格上漲是否會推動採用的依據仍然是一個辯論。