比特币[BTC]在大量衰退之后重新获得了看涨的动力

比特币[BTC]在大幅下滑后重新获得了看涨的动力，其价格下降到7.8万美元

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

比特币[BTC]以其分散性的性质而闻名，该性质由分布式分类帐技术提供支持。

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

随着新用户加入网络，他们为扩大其整体采用做出了贡献。

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，尽管BTC的价格最近飙升，但在退回到78,000美元的低点之前，它的新历史最高售价为109K，但其钱包数量在过去一年中显示出最小的扩张。

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

由于BTC现在正在大力恢复，因此仍然关注基础网络增长。

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

Fidelity Investments全球宏观主管Jurrien Timmer指出，比特币的钱包数量缺乏重大变化。

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

这就提出了有关有机采用还是短期市场投机所推动的最新价格上涨的问题。

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.

根据Timmer的说法，缺乏与BTC网络接触的新用户可以归因于基于美国的ETF和MicroStrategy的积极积累策略的批准。

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

与散户投资者不同，机构买家只需要几个钱包来管理大量持股，从而限制了网络的明显扩展。

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，他对BTC的长期轨迹仍然有信心，并指出其采用遵循其他指数技术中的S曲线。

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，比特币的估值遵守了权力法模型，随着更多参与者与网络互动，其价值增加，从而增强了其长期潜力。

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

“不幸的是，这将使跟踪未来的采用曲线更加困难。”

.

。

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

根据21stCapital的联合创始人Sina的说法，钱包地址偏离了十年的趋势。

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，富达数字资产研究总监克里斯·库珀（Chris Kuiper）强调了比特币在过去四年中的表现不佳。

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

尽管比特币记录了17％的复合年增长率（CAGR），但标准普尔500指数却落后于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，在考虑风险调整后的收益中，BTC不足，因为投资者面临近四倍的波动率，只有较高的回报。

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

这进一步引起了人们对比特币的风险回报概况的担忧，尤其是对于寻求更稳定但竞争性投资机会的机构投资者。

Kuiper said,

库珀说，

“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，到目前为止，这个特殊的四年期的表现不佳。如果我们确实在今年早些时候达到了顶峰，那么这将是令人失望的周期。”

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

Kuiper承认了扩展市场周期的可能性，这表明BTC的轨迹可能不会严格遵循过去的模式。

Bitcoin’s current price action

比特币的当前价格行动

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.

根据CoinMarketCap的数据，截至发稿时，BTC的交易价格增加了0.64％，并记录了每周4.90％的稳定收益。

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

值得注意的是，它最近的突破超过了3月24日的86,800美元抵抗，这表明了看涨的势头。

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，随着比特币继续导致市场波动，投资者在接下来的几周内仍保持持续集会或潜在纠正的迹象。

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

但是，这种价格上涨是否会推动采用的依据仍然是一个辩论。