由於多頭市場激增停滯，加密貨幣市場降溫

Crypto Market Consolidates After Bulls Falter

多頭市場動搖後加密貨幣市場整合

Amidst mounting uncertainty, the cryptocurrency markets have retreated into a period of consolidation following moderate speculative gains. Buying momentum has waned, driving prices for prominent tokens, including Bitcoin (BTC), close to critical support levels. Albeit anticipations of a positive quarterly close, analysts foresee a potential downward trajectory for BTC post-halving, creating a conducive environment for altcoins to flourish.

在不確定性不斷增加的情況下，加密貨幣市場在投機溫和上漲後已退回到整合期。購買勢頭已經減弱，推動包括比特幣（BTC）在內的知名代幣的價格接近關鍵支撐位。儘管預計季度收盤價將上漲，但分析師預計比特幣減半後可能會出現下行軌跡，為山寨幣的蓬勃發展創造有利的環境。

BTC has lingered within a narrow trading range for the past 48 hours, with technical indicators suggesting a bearish undertone. Notwithstanding, it is widely believed that the price will maintain an uptrend until the upcoming halving event, which is anticipated to occur without a significant pullback. Subsequently, altcoins are poised to gain substantial traction.

過去 48 小時內，BTC 一直徘徊在窄幅交易區間內，技術指標顯示看跌基調。儘管如此，人們普遍認為，在即將到來的減半事件之前，價格將保持上漲趨勢，預計減半事件不會大幅回調。隨後，山寨幣有望獲得巨大的吸引力。

This bullish outlook stems primarily from the BTC dominance index, which is approaching a significant resistance level that could trigger a bearish correction. The weekly chart depicts BTC dominance consolidating above this pivotal resistance, confined within an ascending wedge pattern. The pattern suggests that this consolidation could extend for another 3-4 weeks before reaching its apex.

這種看漲前景主要源自於比特幣主導指數，該指數正接近可能引發看跌修正的重要阻力位。週線圖顯示，比特幣的主導地位在這關鍵阻力位上方鞏固，並限制在上升楔形模式內。此模式表明，這種盤整可能會再持續 3-4 週，然後才會達到頂峰。

Strikingly, the current consolidation mirrors the one observed in 2019-2020, which preceded a substantial price decline. Hence, both indicators point towards a potential major pullback, potentially relegating BTC to a period of range-bound trading or extended consolidation.

引人注目的是，目前的盤整反映了 2019-2020 年觀察到的情況，當時價格大幅下跌。因此，這兩個指標都表明比特幣可能會大幅回調，這可能會使比特幣進入區間交易或長期盤整的時期。

Renowned analyst Michael van de Poppe aligns with this bearish prognosis, predicting a drop in dominance after the halving. He further observes that the current valuation of altcoins relative to BTC is extraordinarily low, indicating a potential surge in purchasing interest.

著名分析師 Michael van de Poppe 同意這一悲觀預測，預測減半後主導地位將下降。他進一步觀察到，目前山寨幣相對於 BTC 的估值非常低，顯示購買興趣可能會激增。

In conclusion, while the cryptocurrency market exhibits signs of consolidation, technical analysis suggests a possible downturn for BTC in the wake of the halving. This bearish trend could pave the way for altcoins to assert their position in the market, bolstered by their undervalued status and the waning dominance of BTC.

總之，雖然加密貨幣市場出現整合跡象，但技術分析表明，比特幣在減半後可能會出現低迷。這種看跌趨勢可能為山寨幣在市場上確立自己的地位鋪平道路，這得益於其被低估的地位和比特幣主導地位的減弱。