比特币（BTC）价格反弹以上$ 85,000 Sparks新鲜的乐观

经过数周的下降，比特币最近的价格反弹超过了85,000美元，这引发了新的乐观情绪。数字资产增长了2.7％

Bitcoin’s (BTC) recent price rebound above $85,000 has sparked fresh optimism, showing 2.7% increase in the past week. As the digital asset experiences a recovery from recent lows, crypto enthusiasts and analysts are engaging in lively discussions about whether the market is simply undergoing a correction or if the bull market is still very much alive.

比特币（BTC）最近的价格回弹超过85,000美元，引发了新的乐观情绪，在过去一周中增长了2.7％。随着数字资产从最近的低点恢复，加密爱好者和分析师正在就市场是否只是在进行更正或牛市仍然很活跃的情况下进行生动的讨论。

In a recent post titled “Past Bull Cycle vs. Current Market,” CryptoQuant analyst Crypto Dan offered a detailed comparison of the present Bitcoin market with past bull cycles.

加密分析师Crypto Dan在最近的一篇名为“过去的牛周期与当前市场”的帖子中，对当前的比特币市场与过去的牛市进行了详细的比较。

While bear markets can feel long and painful, they also offer valuable accumulation opportunities for seasoned investors.

尽管熊市会感到漫长而痛苦，但它们也为经验丰富的投资者提供了宝贵的积累机会。

The analyst explained that previous market downturns were characterized by significant stop-loss movements, leading to prolonged sell-offs and bearish sentiment. However, in this current cycle, such drastic liquidations have been largely absent.

分析师解释说，以前的市场下滑的特征是严重的停止损失运动，导致了长时间的抛售和看跌情绪。但是，在当前周期中，这种剧烈的清算在很大程度上没有。

Bitcoin’s Drop Within Normal Correction

比特币在正常校正中的下降

Despite Bitcoin’s price struggles in recent weeks, Dan remains optimistic about the broader market trend.

尽管最近几周比特币的价格挣扎，但Dan仍然对更广泛的市场趋势保持乐观。

The analyst emphasized that while fear of a bear market persists, Bitcoin’s recent drop has stayed within a standard 30% correction range. Macroeconomic factors, including inflation and interest rates, may still weigh on market sentiment, but Dan is confident that the bull market is far from over.

分析师强调，尽管对熊市的恐惧持续存在，但比特币最近的下降仍保持在标准的30％更正范围内。宏观经济因素，包括通货膨胀和利率，可能仍然对市场情绪产生影响，但丹有信心牛市还远远没有结束。

Similarly, Alex Wacy, a researcher, points out that its 23% decline is a normal market correction rather than the end of its bull cycle. In the previous cycle, BTC experienced 12 similar pullbacks before ultimately reaching its peak.

同样，研究人员亚历克斯·韦西（Alex Wacy）指出，其23％的下降是正常的市场纠正，而不是其牛周期的结束。在上一个周期中，BTC在最终达到顶峰之前经历了12种类似的回调。

This current pullback follows a period of market overheating and excessive leverage, leading to a natural cooldown. However, a strong new narrative, like DeFi in 2020 or NFTs in 2021, is needed to drive renewed momentum.

当前的回调是在一段时期的市场过热和过度杠杆作用之后，导致自然冷却。但是，要推动更新的动力，需要一个强大的新叙事，例如2020年的Defi或2021年的NFT。

Macroeconomic conditions, including high interest rates and tight liquidity, are also impacting the market. Wacy notes that if the Federal Reserve shifts its monetary policy later this year, risk assets like BTC could see substantial gains.

宏观经济状况，包括高利率和严格的流动性，也影响了市场。韦西指出，如果美联储在今年晚些时候改变其货币政策，那么像BTC这样的风险资产可能会看到可观的收益。

Bitcoin Still in Price Discovery Phase

比特币仍处于价格发现阶段

Analysts have presented diverse perspectives on Bitcoin’s market structure and future trajectory. Swyftx lead analyst Pav Hundal emphasized stability, assuring investors that panic is unnecessary.

分析师对比特币的市场结构和未来轨迹提出了不同的观点。 SWYFTX首席分析师PAV Hundal强调稳定性，确保投资者恐慌是不必要的。

Concerns over US President Donald Trump’s tariffs may unsettle markets, yet economic indicators suggest positive momentum.

对美国总统唐纳德·特朗普（Donald Trump）的关税的担忧可能会感到不安，但经济指标表明了积极的势头。

Hundal added that risk assets, including BTC, typically rise when investors regain confidence. The global M2 money supply recently reached record levels, signaling potential upward movement for cryptocurrency.

Hundal补充说，包括BTC在内的风险资产通常会在投资者恢复信心时上升。全球M2货币供应最近达到了创纪录的水平，标志着加密货币的潜在上升运动。

Analyst Seth reinforced this outlook by highlighting another all-time high in global liquidity, indicating favorable conditions for a Bitcoin rally.

分析师塞思（Seth）通过强调了全球流动性的另一个历史最高水平，这表明了比特币集会的有利条件，从而增强了这种前景。

CoinRoutes CEO Dave Weisberger noted that if BTC maintains its historical correlation with the money supply, a new all-time high could emerge within a month.

CoInroutes首席执行官Dave Weisberger指出，如果BTC保持其与货币供应的历史相关性，那么一个新的历史最高水平就会在一个月内出现。

Meanwhile, Wacy pointed out that Bitcoin remains in price discovery, leaving room for higher targets, including $200K, in the long term.

同时，Wacy指出，比特币仍然处于价格发现中，从长远来看为包括20万美元的更高目标留出了空间。

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