研究人員預測，隨著投資人將注意力重新轉向傳統資產，比特幣漲勢可能會在短期內放緩

英國跨國銀行數位資產研究員 Geoff Kendrick 預測，比特幣可能會進一步下跌，短期內可能觸底至 88,700 美元。

A recent analysis by Standard Chartered suggests that Bitcoin’s price could drop further in the short term, potentially bottoming out at $88,700, following a sharp reversal from its record highs.

渣打銀行最近的一項分析表明，比特幣的價格在短期內可能會進一步下跌，在從歷史高點急劇逆轉後，可能會觸底至 88,700 美元。

According to Geoff Kendrick, a digital assets researcher at the British multinational bank, the U.S. President-elect Donald Trump’s pick for Treasury Secretary has played a role in this price decline.

英國跨國銀行數位資產研究員傑夫‧肯德里克(Geoff Kendrick)表示，美國當選總統唐納德‧川普(Donald Trump)挑選的財政部長在此次價格下跌中發揮了一定作用。

As a hedge fund manager, Scott Bessent's appointment has led to a rally in U.S. Treasuries, with yields on five- to 30-year maturities dropping by more than 10 basis points.

身為對沖基金經理，史考特·貝森特的任命導緻美國公債上漲，5至30年期公債殖利率下降了10多個基點。

Kendrick attributes this to a "post-Bessent announcement reduction in U.S. Treasury term premium."

肯德里克將此歸因於「貝森特宣布後美國國債期限溢價減少」。

As a fiscal conservative, Bessent is expected to implement policies that stabilize traditional financial markets.

作為財政保守派，貝森特預計將實施穩定傳統金融市場的政策。

His appointment, along with Trump’s promises of deregulation and tax cuts, has shifted investors' focus toward traditional assets like Treasuries.

他的任命，加上川普放鬆管制和減稅的承諾，已將投資者的注意力轉向美國國債等傳統資產。

"Bitcoin’s rally could slow in the short term," wrote Kendrick, "because one of its core uses is as a hedge against traditional finance issues, like banking sector instability or government fiscal policy."

肯德里克寫道：“比特幣的漲勢在短期內可能會放緩，因為它的核心用途之一是對沖傳統金融問題，例如銀行業不穩定或政府財政政策。”

With Treasury markets rallying, Bitcoin’s appeal as a safe-haven asset may wane temporarily.

隨著國債市場上漲，比特幣作為避險資產的吸引力可能會暫時減弱。

Throughout Trump’s campaign, his stance on tariffs raised concerns about higher inflation, which typically dampens the demand for U.S. Treasuries.

在川普的整個競選過程中，他對關稅的立場引發了人們對通膨上升的擔憂，這通常會抑制對美國國債的需求。

However, with Bessent expected to steer a more measured fiscal approach, inflation fears have eased, leading to a rebound in Treasuries and reducing Bitcoin’s immediate appeal.

然而，由於貝森特預計將採取更謹慎的財政方針，通膨擔憂有所緩解，導緻美國國債反彈並降低比特幣的直接吸引力。

After Trump's surprise victory on November 5, Bitcoin experienced a massive rally, surging from below $70,000 on election night to an all-time high of $99,645 within days.

11 月 5 日川普出人意料地獲勝後，比特幣經歷了大幅上漲，幾天之內從選舉之夜的 70,000 美元以下飆升至 99,645 美元的歷史新高。

Investors anticipated a crypto-friendly administration, with promises of regulatory reform and support for digital assets further boosting market sentiment.

投資者期待一個對加密貨幣友善的政府，並承諾進行監管改革和支持數位資產，進一步提振市場情緒。

However, the rally encountered resistance just shy of $100,000, triggering this week's sharp reversal.

然而，漲勢遇到了接近10萬美元的阻力，引發了本週的大幅反轉。

Despite the short-term headwinds, Kendrick maintains a bullish outlook on Bitcoin's long-term potential.

儘管有短期阻力，肯德里克仍對比特幣的長期潛力持樂觀態度。

He projects that the cryptocurrency could rebound to $125,000 by the end of 2024 and reach a remarkable $200,000 by the end of 2025, driven by broader adoption and regulatory clarity.

他預計，在更廣泛的採用和監管清晰度的推動下，加密貨幣到 2024 年底可能會反彈至 12.5 萬美元，到 2025 年底將達到驚人的 20 萬美元。

"Bitcoin has room to grow," wrote Kendrick, highlighting the cryptocurrency's strong fundamentals despite temporary shifts in investor sentiment.

肯德里克寫道：「比特幣還有成長空間。」他強調，儘管投資人情緒暫時發生變化，但加密貨幣的基本面依然強勁。

The interplay between Bitcoin and traditional markets showcases the increasing complexity of the cryptocurrency ecosystem.

比特幣和傳統市場之間的相互作用顯示了加密貨幣生態系統日益複雜。

With Bitcoin now deeply integrated into broader financial systems, its price is heavily influenced by traditional market dynamics, such as Treasury yields and government appointments.

隨著比特幣現在深入融入更廣泛的金融體系，其價格在很大程度上受到傳統市場動態的影響，例如國債殖利率和政府任命。

The near-miss at $100,000 during this recent rally underscores the volatility of cryptocurrency and the unpredictability of its price movements.

在最近的反彈中，加密貨幣差點觸及 10 萬美元，這突顯了加密貨幣的波動性及其價格走勢的不可預測性。

At the same time, it also signals the resilience of the asset and its growing role in the portfolios of both retail and institutional investors.

同時，它也顯示該資產的彈性及其在散戶和機構投資者投資組合中日益增強的作用。

Bitcoin's brush with the six-figure milestone may have ended in a short-term setback, but the narrative surrounding the world's largest cryptocurrency is far from reaching its conclusion.

比特幣與六位數里程碑的擦肩而過可能以短期挫折告終，但圍繞全球最大加密貨幣的敘事還遠未結束。

As the market continues to digest the implications of a Trump presidency and a conservative Treasury Secretary, Bitcoin's status as a hedge and a growth asset will likely come under renewed scrutiny.

隨著市場繼續消化川普總統任期和保守派財政部長的影響，比特幣作為對沖資產和成長資產的地位可能會受到重新審視。

While the coming weeks may test the resolve of Bitcoin investors, the long-term trajectory, at least according to Standard Chartered, remains pointed upward.

儘管未來幾週可能會考驗比特幣投資者的決心，但至少根據渣打銀行的說法，長期軌跡仍然向上。