本月进入熊市后的压力下，比特币（BTC）的价格。它跌幅超过20％

本月进入熊市后，比特币价格仍处于压力下。从今年的最高水平起，它跌幅超过20％。

The Bitcoin (BTC) price has come under pressure in recent days as it moved into a bear market this month, plunging by over 20% from its highest level this year. The crash has led some popular analysts to shift their calls and predict it will crash further.

比特币（BTC）的价格在本月进入熊市，从今年的最高水平下降了20％以上。撞车事故导致一些受欢迎的分析师改变了他们的呼叫，并预测它将进一步崩溃。

Still, there are a few reasons why Bitcoin price may bounce back and hit its all-time high in March.

尽管如此，还有一些原因是比特币价格可能会反弹并在三月份达到历史最高水平的原因。

Crypto Fear and Greed Index and Market Sentiment

加密恐惧和贪婪指数和市场情绪

The first reason why the Bitcoin price may bounce back this year is that market sentiment has worsened, pushing many investors to remain on the sidelines. The fear and greed index moved to the fear zone of 25, while the number of active Bitcoin addresses dropped in the past few days.

比特币价格今年可能反弹的第一个原因是，市场情绪恶化，促使许多投资者留在场外。恐惧和贪婪指数转移到了25个恐惧区，而过去几天的主动比特币地址数量下降。

At the same time, some analysts have become bearish. For example, Ki Young Ju, the founder of CryptoQuant, warned that the crypto bull market was now over. He expects Bitcoin to either consolidate or move lower in the next few months.

同时，一些分析师已成为看跌。例如，加密富裕的创始人Ki Young Ju警告说，加密牛市现在已经结束。他预计比特币将在未来几个月内合并或降低。

At face value, these actions should be bad for Bitcoin price. However, in reality, Bitcoin often moves in the opposite direction with the market sentiment. For example, the recent Bitcoin price crash happened after it moved to the greed area. Also, most altcoins dropped when the altcoin season index jumped.

从表面上看，这些动作对于比特币价格来说应该不利。但是，实际上，比特币经常与市场情绪相反。例如，最近的比特币价格崩溃发生在搬到贪婪区域后。另外，当Altcoin赛季指数跳跃时，大多数Altcoins都会下降。

Further, the Mean Dollar Invested Age (MDIA) indicator has been rising, a sign that investors are not selling.

此外，平均美元投资年龄（MDIA）指标正在上升，这表明投资者没有出售。

Bitcoin ETF Inflows Are Rising

比特币ETF流入正在上升

The other reason Bitcoin’s price may jump to a new all-time high is that spot BTC ETFs are seeing demand. SoSoValue data shows that weekly inflows have risen to over $500 million even as the coin remained in a bear market. These funds now have over $91 billion in assets, with Blackrock’s IBIT fund having over $46.8 billion in assets.

比特币的价格可能会跃升到新历史最高的原因是BTC ETF看到需求。 Sosovalue数据表明，即使硬币仍留在熊市，每周流入量已上升到超过5亿美元。这些资金现在拥有超过910亿美元的资产，贝莱德的IBIT基金拥有超过468亿美元的资产。

The rising inflows into spot Bitcoin ETFs is a sign that US investors are upbeat about Bitcoin. The rising Coinbase Bitcoin Premium Index supports this view, as shown below.

投资比特币ETF的上升流入表明美国投资者对比特币很乐观。上升的Coinbase比特币高级指数支持此观点，如下所示。

The third main reason why the BTC price may bounce back and hit new all-time highs this month is its technicals. The weekly chart shows that the Bitcoin price formed a cup-and-handle pattern between November 2021 and late last year. It completed the handle section in November when it went parabolic.

BTC价格可能会反弹并在本月打入新的历史最高点的第三个主要原因是其技术。每周图表显示，比特币价格在2021年11月至去年下半年之间形成了杯子和手柄。它于11月完成了抛物线词后完成手柄部分。

The cup had a depth of 77%. Therefore, by measuring that distance from its upper side, we can estimate that the Bitcoin price target will be USD 122,420, which is about 45% above the current level.

杯子的深度为77％。因此，通过衡量与其上侧的距离，我们可以估计比特币目标目标将为122,420美元，比当前水平高约45％。

The short-term risk is when the BTC price drops and retests the upper side of the cup and handle pattern. Such price action would be bullish since it would be part of the break-and-retest pattern, a popular continuation sign.

短期风险是BTC价格下降并重新测试杯子的上侧和手柄图案。这样的价格行动将是看好的，因为它将是重新播放模式的一部分，这是一个流行的延续标志。