比特币的指标暗示潜在的看涨轨迹

比特币的普埃尔倍数已降至 0.56，表明存在潜在的买入机会。从历史上看，较低的普埃尔多重读数与比特币的市场底部一致。如果这种趋势持续下去，加密货币可能会在 10 月底之前飙升至 87,593 美元左右。然而，Delta Cap 表明比特币的峰值可能已经接近，因为它目前高于之前的牛市高点。

Bitcoin's Key Metrics Hint at Potential Price Trajectory

比特币的关键指标暗示了潜在的价格轨迹

Bitcoin's [BTC] Puell Multiple, a metric that gauges the ratio between daily coin issuance and the yearly average, has recently dropped to 0.56, a significant development not seen since December 2022.

比特币的 [BTC] Puell Multiple（衡量每日代币发行量与年度平均发行量之间比率的指标）最近已降至 0.56，这是自 2022 年 12 月以来未见的重大进展。

Historically, a Puell Multiple above 6 indicates that miners are earning more than the average of the previous year, potentially signaling a near-peak valuation for Bitcoin. Conversely, a Puell Multiple below 0.5 suggests that miners are earning less than they should, potentially indicating a near-bottom valuation.

从历史上看，普埃尔倍数高于 6 表明矿工的收入高于上一年的平均水平，这可能预示着比特币的估值接近峰值。相反，普埃尔倍数低于 0.5 表明矿工的收入低于应有水平，可能表明估值接近底部。

The current positioning of the Puell Multiple at 0.56 indicates that Bitcoin may be approaching a buying zone. In 2022, when the Puell Multiple last registered this value, Bitcoin's price subsequently surged by 39% within four months.

目前 Puell 倍数定位为 0.56，表明比特币可能正在接近买入区域。 2022 年，当普埃尔倍数最后一次达到这个值时，比特币的价格随后在四个月内飙升了 39%。

If history repeats itself, Bitcoin could potentially trade around $87,593 before the end of October. However, it's worth noting that corrections along the way are a possibility.

如果历史重演，比特币可能在 10 月底之前交易到 87,593 美元左右。然而，值得注意的是，一路上的修正是有可能的。

To further assess Bitcoin's distance from its cycle peak, the Delta Cap, a metric that measures the difference between the Realized Cap and the life-to-date moving average of the Market Cap, was examined.

为了进一步评估比特币与其周期峰值的距离，我们检查了德尔塔上限（Delta Cap），这是一种衡量已实现上限与市值的迄今为止移动平均值之间差异的指标。

In 2021, when the Delta Cap reached $340.93 billion, Bitcoin's price began to decline. At the time of writing, the Delta Cap is valued at $355.86 billion.

2021年，当Delta Cap达到3409.3亿美元时，比特币的价格开始下跌。截至撰写本文时，Delta Cap 估值为 3,558.6 亿美元。

While this value is higher than in the previous bull market, the fact that Bitcoin's latest all-time high surpassed its 2021 high suggests that the Delta Cap may reach even higher levels.

虽然这个值高于之前的牛市，但比特币的最新历史高点超过了 2021 年的高点，这一事实表明 Delta 上限可能会达到更高的水平。

Consequently, while Bitcoin's price may hike towards $85,000 or $90,000, reaching the $100,000 milestone is less likely. Historical data suggests that Bitcoin may face rejection as it approaches this level.

因此，虽然比特币的价格可能会上涨至 85,000 美元或 90,000 美元，但达到 100,000 美元里程碑的可能性较小。历史数据表明，当比特币接近这一水平时，可能会面临拒绝。

Failure to break past potential resistance could trigger sell-offs, with Bitcoin potentially trading below its optimistic prediction of $87,593.

如果未能突破潜在阻力位，可能会引发抛售，比特币的交易价格可能低于 87,593 美元的乐观预测。

It's important to emphasize that these projections are based on historical trends and may not necessarily hold true in the current market conditions. Investors should conduct thorough research and due diligence before making any investment decisions.

需要强调的是，这些预测是基于历史趋势，不一定适用于当前的市场状况。投资者在做出任何投资决定之前应进行彻底的研究和尽职调查。