自2009年诞生以来，比特币经历了五个关键的价格高峰期，当前最高价已超过64,000美元，并日益获得主流社会的认可。这一过程充满波动，频繁受到政治、经济与监管环境的影响。
Since its inception in 2009, Bitcoin has gone through five key price peaks, which now exceed $64,000 and are increasingly recognized by the mainstream. The process is highly volatile, often influenced by the political, economic and regulatory environment.
比特币年均增长率高达200%，至2021年8月，其市值达到约7,100亿美元，几乎占据了整个加密货币市场的半壁江山。（截止2022年12月26日，比特币市值约为3,239亿美元）。
Bitcoin grew at an average annual rate of 200%, and by August 2021 its market value amounted to about $710 billion, accounting for almost half of the entire encrypt currency market. (As of 26 December 2022, Bitcoin had a market value of about $323.9 billion).
针对短期和中期价格行为的解析可追溯至如2014年Mt. Gox交易平台遭受黑客攻击和2020年股市崩盘等标志性事件。从长期视角看，技术分析、基本面分析及情绪分析模型能提供宏观层面上的洞察力。
The analysis of short- and medium-term price behaviour dates back to landmark events such as the hacking of the Mt. Gox trading platform in 2014 and the stock market crash in 2020. From a long-term perspective, technical analysis, basic face analysis, and emotional analysis models can provide insight at the macro level.
技术分析：通过研究历史价格走势与成交量，预测未来市场动向。比如，运用50日移动平均线(SMA)，当比特币交易价格连续数周低于此线后突然反弹，可能预示着价格上涨趋势。
基本面分析：考察代表比特币内在价值的数据，例如通过分析比特币的日交易量来评估其网络热度。若日交易量随时间增长，则预示项目具有潜在价值，价格可能随之上涨。
Basics Analysis : examines data that represent the intrinsic value of Bitcoin, for example, by analysing the amount of daily transactions in bitcoin to assess its network heat.
情绪分析：利用市场情绪预测价格变动，如通过监测Google趋势中关于购买比特币的搜索量激增，反映出市场情绪偏正面。
Emotional Analysis : Use of market sentiment to predict price changes, such as the surge in searches for the purchase of bitcoins through monitoring of Google trends, reflects market sentiment bias.
初始阶段，比特币交易局限于极小众圈子，流动性较低，用户主要在BitcoinTalk等论坛通过场外交易（OTC）进行买卖。中本聪于2009年1月3日挖掘出首个区块并获得50枚比特币奖励，同年5月22日，一枚比特币的价值尚不足0.01美元。直到Laszlo Hanyecz用10,000枚比特币购买了两张披萨，开启了比特币的商业应用先河。
Initially, the Bitcoin deal was limited to a very small circle and less mobile, with users buying and selling mainly through off-site transactions (OTC) in forums such as BitcoinTalk. On 3 January 2009, Benz discovered the first block and received 50 bitcoins, and on 22 May of the same year, one bitcoin was worth less than US$ 0.01. Until Laszlo Hanyecz purchased two pizzas with 10,000 bitcoins, opening the river for commercial applications of bitcoin.
随着比特币价格与知名度提升，加密货币交易平台与暗网市场的兴起推动了交易量增长。这些市场的黑客攻击、关闭或监管举措对比特币价格造成显著影响。
As bitcoin prices and visibility rise, the rise of crypto-currency trading platforms and dark-net markets has contributed to the growth of the volume of transactions. The impact of hacking, closing down, or regulatory initiatives in these markets has been significant in terms of the price of bitcoin.
相较于早些年，比特币现今与传统资产融合更紧密，受制于零售、金融和政策接纳度提升的影响。此外，机构投资增加增强了比特币市场的投机性质。当下影响比特币交易的主要因素包括：
日益严格的监管环境，政府对加密货币和区块链的管控加深，政策的紧缩或放宽都会直接反映在比特币价格上。
Moreover, increased institutional investment has enhanced the speculative nature of the Bitcoin market. The main factors influencing Bitcoin transactions at this time include the increasingly stringent regulatory environment
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全球经济状况的起伏直接影响比特币价格，例如，面临通货膨胀的国家居民转向比特币以规避风险。
The ups and downs of the global economic situation have a direct impact on bitcoin prices, for example, when residents of countries facing inflation turn to bitcoin to avoid risk.
大型企业对比特币的接纳可以带动价格上涨；反之，如特斯拉宣布停止接受比特币支付，也可引起价格骤跌。
The admission of large firms to Bitcoin could drive price increases; conversely, Tesla's announcement that it would cease to accept bitcoin payments could also cause prices to fall sharply.
投机行为和比特币期货等衍生品增多，使得市场需求增加，同时也加大了价格波动幅度，使得比特币的实际效用不再是决定其价格的唯一因素。
The increase in speculation and derivatives such as Bitcoin futures has increased market demand, while also increasing price volatility, making bitcoins no longer the only factor determining their prices.
比特币自诞生以来，价格经历大幅波动，但在不断上升的过程中，比特币的价格已经显著超过了初期水平。对比纳斯达克100指数和黄金，比特币表现出更高的收益率和波动性。根据CaseBitcoin的数据，比特币十年间的年均复合增长率(CAGR)达到了惊人的196.7%。
Bitcoin has experienced large price fluctuations since its inception, but in the process of rising, bitcoin prices have significantly exceeded their initial levels. The Pitco 100 index and gold show higher rates of return and volatility. According to CaseBitcoin, Bitcoin achieved an alarming 196.7 per cent annual compound growth rate over the decade.
2011年6月：从当年年初的一美元飙升至32美元，首次牛市后回落至2.10美元。
June 2011: From a dollar at the beginning of the year, it jumped to $32 and fell back to $2.10 after the first cattle market.
2013年4月：年初价格约13美元，年内迎来第一次牛市，在4月10日触及260美元高位，随后两天内价格大跌至45美元。
April 2013: The price at the beginning of the year was about US$ 13, the first cattle market in the year, reaching a high of US$ 260 on 10 April, and the price fell sharply to US$ 45 over the next two days.
2013年12月：10月初比特币价格为125美元，到年底时飙升至1,160美元的历史高点，随后又于12月18日跌至380美元。
December 2013: Bitcoin prices amounted to $125 in early October, jumped to a historic high of $1,160 by the end of the year and then fell to $380 on 18 December.
2017年12月：2017年初比特币价格约为1,000美元，同年12月17日达到了接近20,000美元的历史最高点，这轮牛市确立了比特币在主流市场的地位，并吸引了机构投资者和政府的关注。
December 2017: At the beginning of 2017, the price of Bitcoin was about US$ 1,000, reaching an all-time high of nearly US$ 20,000 on 17 December of the same year, which established the position of Bitcoin in the mainstream market and attracted the attention of institutional investors and the Government.
2021年4月：受新冠疫情不稳定经济环境影响，比特币价格从股市和加密货币市场崩溃后的低位持续上涨，在2021年4月13日触及约63,000美元的新高，但之后经历了大幅回调并陷入停滞。
April 2021: Subject to the unstable economic impact of the new crown epidemic, the price of Bitcoin continued to rise from a low level following the collapse of the stock market and the crypto-currency market, reaching a new high of about $63,000 on 13 April 2021, but then experienced a significant rebound and stagnation.
短期价格活动受到诸多外部因素如政治、经济事件等的影响，例如Mt. Gox交易所遭遇的重大黑客攻击事件曾导致比特币价格短暂下跌。而从长期来看，基本面和技术分析模型有助于解读比特币的整体上涨趋势，如库存流量比率模型和梅特卡夫定律的应用揭示了比特币价值储存属性以及网络价值与其用户数增长之间的关联。此外，比特币的对数增长曲线和超波浪理论则分别描绘了比特币的价格增长趋势与投资者情绪波动带来的市场效应。
Short-term price activities have been influenced by a number of external factors, such as political and economic events, such as a major hacker attack on the Mt. Gox Exchange that led to a brief drop in Bitcoin prices. In the long run, basic and technical analysis models have helped to interpret the overall upward trend in Bitcoins, such as the stock flow ratio model and the Metkaf Law application, which reveals the correlation between bitcoin value storage attributes and network value and its number of users.
综上所述，尽管比特币价格历史受到众多理论尝试解释，但其近200%的十年年均复合增长率证明了数字货币的强势崛起。截至2021年8月，比特币市值逼近7,100亿美元，占加密货币市场的半壁江山。尽管过去的业绩不代表未来的结果，但理解比特币价格轨迹背后的驱动因素无疑有助于我们更好地认识这一仅有12年历史的新资产类别。
As a result, despite numerous theoretical attempts to explain the history of bitcoin prices, nearly 200% of its 10-year composite growth rate attests to the strong rise of digital currencies. By August 2021, Bitcoin had a market value of nearly $710 billion, accounting for half of the encrypt currency market.
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