比特币从1月的山峰起最近的回调

据加密分析师称，比特币最近从1月的峰值起的回调是典型的周期校正，而不是牛跑结束的标志。

Bitcoin’s recent pullback from its January peak is a typical cycle correction, not a sign of the bull run’s end, according to crypto analysts.

据加密分析师称，比特币最近从1月的峰值起的回调是典型的周期校正，而不是牛跑结束的标志。

Ben Simpson, CEO of Collective Shift, expressed this view, adding that the cycle peak has been delayed due to macro conditions and tightening liquidity.

集体班次首席执行官本·辛普森（Ben Simpson）表示这种观点，并补充说，由于宏观条件和收紧流动性，周期峰已被延迟。

“I don’t think the bull run is over. We’re just seeing a cycle peak that got delayed due to some macro conditions and also some tightening liquidity,” Simpson explained.

辛普森解释说：“我认为牛的跑步还没有结束。

As Trump imposed tariffs, leading to macroeconomic uncertainties, and the US adjusted its interest rate policy, crypto traders and analysts began discussing a potential shift in the Bitcoin (BTC) cycle narrative.

当特朗普征收关税，导致宏观经济不确定性，美国调整了其利率政策，加密交易者和分析师开始讨论比特币（BTC）周期叙事的潜在转变。

After attaining an all-time high (ATH) of $109,000 in January, Bitcoin has since dropped by 24%, currently trading at around $82,824.

一月份达到了历史最高的109,000美元（ATH）后，比特币已下跌了24％，目前的交易价格约为82,824美元。

This correction has been attributed to several factors, including macroeconomic developments and the crypto market’s rapid ascent during the previous year.

这种更正归因于几个因素，包括宏观经济发展以及上一年中加密货币市场的迅速上升。

During the last bull run, Bitcoin experienced 12 deep 25% pullbacks, but this cycle has seen only three to four such corrections, explained Nick Forster, founder of Derive.

在上一台公牛跑期间，比特币经历了12个深25％的回调，但是这个周期只有3到四个这样的校正，他解释说，DEDAIDE的创始人尼克·福斯特（Nick Forster）解释说。

“It’s still early days for Bitcoin, and we’re likely to see it hit new highs after this correction,” said Forster, adding that this scenario aligns with previous cycles.

福斯特说：“比特币仍然是比特币的早期，我们很可能会看到它在此更正后达到了新的高点。”他补充说，这种情况与以前的周期相吻合。

However, CryptoQuant CEO Ki Young Ju recently claimed the bull cycle has ended, a view that might be premature, according to analysts like Charles Edwards of Capriole Investments. Edwards assigns a 50:50 probability to the cycle continuing or ending.

但是，据Capriole Investments的Charles Edwards等分析师说，CryptoQuant首席执行官Ki Young Ju最近声称公牛周期已经结束，这一观点可能为时过早。爱德华兹分配了50:50的概率，以持续或结束。

“We could quickly get a scenario where the Fed begins to ease monetary policy in the second half of the year, leading to a rapid increase in the price of Bitcoin again,” Edwards noted.

爱德华兹指出：“我们可以迅速获得一个场景，即美联储在下半年开始缓解货币政策，从而导致比特币价格迅速上涨。”

The next major narrative for Bitcoin could revolve around US rate cuts and increasing global liquidity. If the Federal Reserve halts quantitative tightening and injects liquidity, Bitcoin’s upward trajectory may resume sooner than expected.

比特币的下一个主要叙述可能会围绕美国降低降低和增加全球流动性。如果美联储停止定量收紧并注入流动性，则比特币的向上轨迹可能比预期的要早。

For now, investors are watching key macroeconomic signals, with Bitcoin poised for its next move in the coming months.

目前，投资者正在观看关键的宏观经济信号，比特币在未来几个月内准备下一步。