儘管有波動性擔憂，比特幣 (BTCUSD) 價格預測仍認為 2025 年仍有上漲空間

比特幣（BTCUSD）在 2024 年表現強勁，突破了許多價格里程碑（包括 10 萬美元），因為多種因素綜合提高了投資者對這種領先加密貨幣的信心。

Bitcoin (BTCUSD) had a stellar 2024, with several price milestones crossed—including $100,000—as a confluence of factors drove up investor confidence in the leading cryptocurrency.

比特幣（BTCUSD）在 2024 年表現出色，突破了多個價格里程碑（其中包括 10 萬美元），多種因素共同提升了投資者對這種領先加密貨幣的信心。

It began with demand for spot bitcoin exchange-traded funds (ETFs) that started trading in January, followed by the excitement of a halving that limited the supply of new bitcoin and then the hope for crypto-supportive policies after the reelection of Donald Trump, which seemed to be reinforced by several of his post-election appointments.

首先是對1 月份開始交易的現貨比特幣交易所交易基金(ETF) 的需求，然後是減半的興奮，限制了新比特幣的供應，然後是唐納德·特朗普連任後對加密貨幣支持政策的希望，他在選舉後的幾項任命似乎強化了這一點。

While the Federal Reserve's latest projections for cutting interest rates next year shook the crypto markets, some of the abovementioned optimism remained on the table—though if the Fed slows its rate-cutting campaign, experts say, Treasury yields could remain elevated, shifting investors away from bitcoin and other risk assets.

儘管聯準會明年降息的最新預測震動了加密貨幣市場，但上述的一些樂觀情緒仍然存在——儘管專家表示，如果聯準會放慢降息行動，國債殖利率可能會保持在高位，從而導致投資者撤離來自比特幣和其他風險資產。

Hence, some analysts are still bullish on bitcoin—but warn of volatility ahead.

因此，一些分析師仍然看好比特幣，但警告未來的波動性。

Analysts See More Room to Run for Bitcoin

分析師認為比特幣還有更大的上漲空間

Prior to the Fed meeting shock, digital asset manager Bitwise's predictions for 2025 pegged bitcoin rising above $200,000 for the first time. That number rises to $500,000 if the federal government adopts Senator Cynthia Lummis' plan of buying 1 million bitcoin for a "strategic bitcoin reserve."

在聯準會會議震驚之前，數位資產管理公司 Bitwise 對 2025 年比特幣的預測首次突破 20 萬美元。如果聯邦政府採納參議員 Cynthia Lummis 購買 100 萬比特幣作為「戰略比特幣儲備」的計劃，這一數字將上升至 50 萬美元。

President-elect Trump has also supported the idea of a bitcoin strategic reserve, but there is little clarity on how much bitcoin the government could hold, whether it would add to its existing holdings or what the purpose of such a reserve would be.

當選總統川普也支持比特幣戰略儲備的想法，但政府可以持有多少比特幣、是否會增加其現有持有量以及此類儲備的目的是什麼，目前還不清楚。

Standard Chartered analysts have a similar price expectation for bitcoin, and they agree with Bitwise on projecting that inflows for spot bitcoin ETFs in 2025 will remain at levels seen this year. These funds hold bitcoin as the underlying security and need to purchase it as investors pour money into them. So far this year, bitcoin ETFs have seen net inflows of more than $36 billion, according to data from Farside Investors.

渣打銀行分析師對比特幣也有類似的價格預期，他們同意 Bitwise 的預測，即 2025 年現貨比特幣 ETF 的流入量將保持在今年的水平。這些基金將比特幣作為基礎證券，並且需要在投資者向其註入資金時購買比特幣。 Farside Investors 的數據顯示，今年迄今為止，比特幣 ETF 的淨流入已超過 360 億美元。

And finally, analysts are bullish, but to a lesser extent, at VanEck. They expect bitcoin prices to reach a high of $180,000 in 2025 with volatility throughout: They see bitcoin prices falling by roughly a third (30%) after touching new highs earlier in the year, followed by a period of consolidation during the summer before a peak toward year-end.

最後，分析師對 VanEck 持樂觀態度，但程度較小。他們預計比特幣價格將在2025 年達到18 萬美元的高位，並伴隨波動：他們預計比特幣價格在今年稍早觸及新高後下跌了約三分之一(30%)，隨後在夏季達到峰值之前會出現一段盤整期接近年底。

At last check, bitcoin was trading around $95,000, with the total market cap of cryptocurrency standing at around $3.26 trillion.

截至上次檢查，比特幣交易價格約為 95,000 美元，加密貨幣總市值約為 3.26 兆美元。