比特幣（BTC）價格仍然可以達到200,000美元

隨著比特幣（BTC）的交易低於90,000美元，由於全球緊張局勢，利率問題和經濟轉變，一些投資者正在越來越謹慎。

As Bitcoin (BTC) trades below $90,000, some investors are growing cautious amid global tensions, interest rate concerns, and economic shifts.

隨著比特幣（BTC）的交易低於90,000美元，由於全球緊張局勢，利率問題和經濟轉變，一些投資者正在越來越謹慎。

But according to well-known crypto analyst Benjamin Cowen, this is all part of a typical mid-cycle pattern—and the broader outlook remains bullish.

但是，根據著名的加密分析師本傑明·科恩（Benjamin Cowen）的說法，這都是典型的中循環模式的一部分，而且更廣泛的前景仍然是看好的。

In a recent market update, Cowen emphasized that as long as Bitcoin holds above its 2024 high, even with occasional dips, the uptrend is still valid. A move down to the low $60,000s would not break the structure, he argues—in fact, it could be the launchpad for another significant leg up.

在最近的市場更新中，Cowen強調，只要比特幣佔據其2024年高的高度，即使偶爾下降，上升趨勢仍然有效。他認為，下降到60,000美元的低價不會破壞結構 - 實際上，這可能是另一個重要領域的發射台。

Cowen, who’s known for analyzing Bitcoin’s cyclical patterns, says this current phase reflects “diminishing returns”—a feature common in each new cycle. While the percentage gains are lower than in previous years, they are still meaningful.

Cowen以分析比特幣的周期性模式而聞名，他說，這一階段反映了“回報的減少”，這是每個新周期中常見的特徵。儘管百分比的百分比低於往年，但它們仍然有意義。

In an optimistic scenario, he sees Bitcoin reaching between $120,000 and $150,000, with a potential stretch target as high as $200,000—especially if institutional investors or sovereign wealth funds begin accumulating BTC at scale.

在一個樂觀的情況下，他認為比特幣達到120,000至150,000美元之間，潛在的延長目標高達20萬美元，尤其是當機構投資者或主權財富基金開始大規模積累BTC時。

The main risk, according to Cowen, is if Bitcoin fails to hold the 2024 high. This would suggest a “left translated cycle,” meaning the cycle’s top may already be behind us. However, he doesn’t see that scenario playing out—yet.

Cowen認為，主要風險是比特幣是否無法保持2024高。這將表明“左翻譯週期”，這意味著周期的頂部可能已經在我們身後。但是，他看不到這種情況呈現出來 - 是的。

Looking back at Bitcoin’s 2016–2017 cycle, Cowen notes that temporary dips below previous highs were normal and didn’t disrupt the long-term bull trend. He believes the current pullback could serve a similar function: a healthy consolidation before the next move up.

回顧比特幣的2016 - 2017年周期，Cowen指出，臨時降低以前的高點是正常的，並且沒有破壞長期的牛趨勢。他認為，當前的回調可以發揮相似的功能：在下一步提升之前，健康的合併。