伯恩斯坦（Bernstein

金融分析公司伯恩斯坦（Bernstein）保持樂觀，並保持其比特幣20萬美元的雄心勃勃的預測。

Recently, the financial analysis firm Bernstein expressed optimism despite the recent drop in prices and maintained its ambitious forecast of $200,000 for bitcoin. Its analysts view this correction as a strategic buying opportunity ahead of the next cycle peak.

最近，儘管價格下跌，但金融分析公司伯恩斯坦（Bernstein）表示樂觀，並保持了比特幣200,000美元的雄心勃勃的預測。它的分析師將這種更正視為在下一個週期峰之前的戰略購買機會。

Bernstein Predicts a Bitcoin at $200,000 in 12 Months

伯恩斯坦預測比特幣在12個月內為20萬美元

Bernstein published this week an analysis note sent to The Block, in which its experts maintain their price target of bitcoin at $200,000 over a 12-month horizon. This projection comes as the crypto market experiences a significant correction phase, with bitcoin recently falling below the $87,000 mark.

伯恩斯坦（Bernstein）本週發表了一份分析通知，該說明發給了該街區，其專家在12個月內將其比特幣的目標目標保持在20萬美元。該預測是因為加密貨幣市場經歷了一個重大的校正階段，而比特幣最近低於$ 87,000。

According to Bernstein’s analysts, a price below $80,000 would represent a particularly attractive entry point for investors. “We believe that price levels below $80,000, if sentiment continues to weaken, would offer an interesting risk-reward ratio for investors looking to position themselves for the next 12 to 18 months towards new cycle peaks,” they specify in their report. This view is based on their conviction that bitcoin has not yet reached its cyclical peak.

根據伯恩斯坦的分析師的說法，低於80,000美元的價格對投資者來說是一個特別有吸引力的入口點。他們在報告中指出：“我們認為，如果情緒繼續削弱，低於80,000美元的價格水平將為希望在接下來的12到18個月定位的投資者提供一個有趣的風險獎勵比率。”這種觀點是基於他們的信念，即比特幣尚未達到其周期性峰值。

Bernstein’s bullish position rests on a fundamental thesis: bitcoin is establishing itself as a “digital gold “ asset class, driven by accelerating institutional and sovereign demand. According to their analysis, capital inflows from institutions and companies should continue to grow throughout the current cycle, thereby supporting the price progression towards their $200,000 target.

伯恩斯坦（Bernstein）的看漲立場基於一個基本論文：比特幣將自己確立為“數字黃金”資產類別，這是由加速機構和主權需求驅動的。根據他們的分析，機構和公司的資本流入應在整個當前週期中繼續增長，從而支持其價格為200,000美元的目標。

A Market in Correction Facing Multiple Challenges

面臨多重挑戰的糾正市場

Bernstein’s reassessment comes in a particularly tense market context. Bitcoin recently fell below $87,000, its lowest level since November 2024, losing over 7% in 24 hours. This decline is part of a broader corrective trend driven by several factors identified by analysts.

伯恩斯坦的重新評估是在特別緊張的市場環境中。比特幣最近下跌低於87,000美元，這是自2024年11月以來的最低水平，在24小時內損失了7％以上。這種下降是由分析師確定的幾個因素驅動的更廣泛糾正趨勢的一部分。

Among the causes of this volatility, Bernstein notably cites the consequences of the major Bybit hack, estimated at $1.5 billion, as well as the controversy surrounding the Libra token backed by Argentine President Javier Milei.

在這種波動性的原因中，伯恩斯坦特別引用了主要的bybit hack的後果，估計為15億美元，以及圍繞阿根廷總統賈維爾·米利（Javier Milei）支持的天秤座代幣的爭議。

Additionally, U.S. Bitcoin ETFs recorded over $516 million in outflows in a single day, bringing total withdrawals to $1.14 billion in two weeks, according to data from Farside Investors.

此外，根據Farside Investors的數據，美國比特幣ETF在一天之內記錄了超過5.16億美元的流出，使兩週內的總撤資達到11.4億美元。

Alongside these sector-specific events, analysts emphasize that “the Bitcoin market follows the general risk sentiment of stocks, driven by macroeconomic concerns around ever-increasing interest rates“.

除了這些領域特定的事件外，分析人士強調：“比特幣市場遵循股票的普遍風險情緒，這是由於對不斷增長的利率的宏觀經濟問題所驅動的。”

An Accumulation Dynamic That Continues

繼續的累積動態

The trade tensions between Washington and Beijing, with the announcement of a possible visit by Xi Jinping to the United States, as well as growing concerns over AI investment spending, also contribute to this volatility. This analysis aligns with that of Iliya Kalchev from Nexo, who notes that “global economic factors exert considerable influence on the crypto market, making bitcoin vulnerable to external pressures. ”

華盛頓和北京之間的貿易緊張局勢，宣布習近平對美國的可能訪問，以及對AI投資支出的日益擔憂，也會導致這種波動。該分析與Nexo的Iliya Kalchev的分析保持一致，後者指出：“全球經濟因素對加密貨幣市場產生了相當大的影響，使比特幣容易受到外部壓力的影響。透明

Against this bearish trend, some institutional players like Strategy continue to strengthen their position. Between February 18 and 23, the company acquired an additional 20,357 BTC for $1.99 billion, bringing its total to nearly 500,000 bitcoins, or about 2.3% of the global supply.

違反這種看跌趨勢，一些像戰略這樣的機構參與者繼續加強其立場。在2月18日至23日之間，該公司以19.9億美元的價格收購了20,357 BTC，將其總數達到近500,000比特幣，約佔全球供應量的2.3％。

Despite the current volatility and the 76% drop in Bitcoin blockchain activity, Bernstein remains confident in its long-term projection. As Raoul Pal reminds us, “in 2017, we experienced five corrections of over 28%, each lasting two to three months, before reaching new highs.” This historical perspective suggests that corrections are an integral part of bitcoin’s bull cycles and could even offer strategic opportunities for patient investors.

儘管目前的波動性和比特幣區塊鏈活動的76％下降，但伯恩斯坦仍然對其長期投影充滿信心。正如勞爾·帕爾（Raoul Pal）提醒我們的那樣，“在2017年，我們經歷了五個超過28％的修正，每次持續了兩到三個月，然後才達到新的高點。”這種歷史觀點表明，更正是比特幣牛週期不可或缺的一部分，甚至可以為患者投資者提供戰略機會。