當我們進入2025年第2季度時，全球加密貨幣市場發現自己在宏觀經濟和地緣政治壓力的複雜交匯處。

比特幣的未來：看漲還是看跌？兩位分析師對比特幣有看漲的前景，儘管對其短期波動的看法不同。

As we enter the second quarter of 2025, the global cryptocurrency market finds itself steering a complex intersection of macroeconomic and geopolitical pressures.

當我們進入2025年第二季度時，全球加密貨幣市場發現自己在宏觀經濟和地緣政治壓力方面取得了複雜的交集。

While the first quarter witnessed a nearly 40% drop for Ethereum, two analysts – Leena ElDeeb from 21Shares and Max Shannon from CoinShares – offer distinct yet insightful perspectives on what to expect from the crypto space in the new quarter.

儘管第一季度的以太坊跌幅了近40％，但兩位分析師 - 來自21shares的Leena Eldeeb和Coinshares的Max Shannon - 提供了獨特而有見地的觀點，即新季度加密貨幣空間的期望。

Bitcoin at $90,000: A Feasible Goal?

比特幣的$ 90,000：一個可行的目標？

The two analysts share a bullish outlook on Bitcoin, albeit with differing views on its short-term fluctuations. Leena ElDeeb sees the potential for the flagship cryptocurrency to rise above the $90,000 mark.

兩位分析師對比特幣有看漲的前景，儘管對其短期波動的看法不同。 Leena Eldeeb認為旗艦加密貨幣有可能超過90,000美元的大關。

This surge could be triggered by macroeconomic factors such as a possible rate cut by the US Federal Reserve, which is currently trading at 5%.

宏觀經濟因素可能會引起這種激增，例如美國美聯儲降低的速度，該儲備金目前為5％。

“February’s softer-than-expected CPI print boosted rate cut expectations. Should rate cuts materialize, we can expect to see a wave of liquidity flowing into risk assets, pushing equities and Bitcoin past key resistance levels.”

“ 2月的CPI印刷率提高了預期的較柔和的預期。應該降低速率，我們可以期望看到一波流動性流入風險資產，將股票推向股票和比特幣超過關鍵阻力水平。”

In her view, Bitcoin could eventually hit a range between $150,000 and $200,000 by the year’s end, bolstered by growing regulatory clarity and political support, such as President Trump’s proposal for a strategic crypto reserve.

她認為，比特幣最終在今年年底達到了15萬至200,000美元之間的範圍，並受到越來越多的監管清晰度和政治支持的支持，例如特朗普總統提出的戰略加密保護區的提議。

Max Shannon, on the other hand, remains more cautious about Bitcoin’s immediate future. He predicts that Bitcoin will continue to trade within a wide range of $70,000 to $90,000 in Q2, constrained by persistent tariff issues.

另一方面，馬克斯·香農（Max Shannon）對比特幣的近期前景更加謹慎。他預測，比特幣將繼續在第2季度的70,000至90,000美元之間的範圍內進行交易，並受到持續關稅問題的限制。

“The moment they get lifted will likely be a massive boon for the equities and crypto market. We can expect to see a strong rally in the market as we saw in 2024 when Trump announced a potential deal.”

“他們被解除的那一刻可能會給股​​票和加密貨幣市場帶來巨大的福音。我們可以期望像2024年特朗普宣布潛在的交易時看到市場上的強烈集會。”

However, the analyst suggests that the market may experience volatility as these macro factors play out.

但是，分析師認為，隨著這些宏觀因素的發揮，市場可能會經歷波動。

Will Ethereum Manage a Comeback?

以太坊會管理捲土重來嗎？

Both analysts acknowledge Ethereum’s struggles, particularly its nearly 40% drop in Q1. However, they also highlight key developments that could support a recovery in the next quarter.

兩位分析師都承認以太坊的鬥爭，尤其是第1季度下降了近40％。但是，他們還強調了可以支持下一季度恢復的關鍵發展。

ElDeeb points to Ethereum’s upcoming upgrade, the Pectra upgrade, which is expected to improve staking and network scalability.

Eldeeb指出，以太坊即將進行的升級Pectra升級，預計將提高積分和網絡可擴展性。

“Ethereum’s staking is also about to be improved with the launch of Pectra. These changes are expected to boost the appeal of staking-enabled products.”

“隨著Pectra的推出，以太坊的積分也將得到改善。預計這些變化將提高支持型產品的吸引力。”

Additionally, she sees growing competition from other blockchain platforms like Solana and Sui, which are attracting retail users with faster and cheaper transactions. Despite this, ElDeeb remains optimistic about Ethereum’s long-term potential, particularly as scalability solutions begin to take effect.

此外，她還看到了來自Solana和Sui等其他區塊鏈平台的競爭日益激烈，這些平台吸引了交易速度更快，更便宜的零售用戶。儘管如此，Eldeeb仍然對以太坊的長期潛力保持樂觀，尤其是隨著可伸縮性解決方案開始生效。

Shannon, however, is more skeptical of Ethereum’s future, specifically with its ongoing challenges in both the monetary and smart contract spaces.

然而，香農對以太坊的未來更加懷疑，特別是在貨幣和智能合同空間中持續的挑戰。

“We can say that Ethereum is attempting to function both as a monetary asset, where it struggles to compete with Bitcoin, and as a smart contract platform, where it faces strong competition from Solana.”

“我們可以說，以太坊正試圖作為貨幣資產，努力與比特幣競爭的貨幣資產，以及作為智能合同平台，在那裡它面臨來自Solana的強烈競爭。”

Shannon also highlights Ethereum’s changing monetary policy and the increasing technical debt as concerns that could limit its growth in the short term.

香農還重點介紹了以太坊不斷變化的貨幣政策，以及不斷增加的技術債務，因為擔心可能會在短期內限制其增長。

DeFi and AI: The Next Big Trend in Crypto?

Defi和AI：加密貨幣的下一個重大趨勢？

The rise and fall of celebrity meme coins like TRUMP, MELANIA, and LIBRA were hot topics in Q1 2025. Both analysts agree that the hype around this category of tokens is unlikely to be sustained in the long run.

諸如特朗普，梅拉尼亞和天秤座等名人模因硬幣的興衰是第1季度2025年的熱門話題。兩位分析師都同意，從長遠來看，圍繞這類代幣的炒作不太可能得到維持。

ElDeeb points to the growing importance of decentralized finance (DeFi) and artificial intelligence (AI) in shaping the next trend.

Eldeeb指出，分散的金融（DEFI）和人工智能（AI）在塑造下一個趨勢方面的重要性日益增長。

“The forthcoming cryptocurrency market rally is anticipated to be driven by significant advancements in decentralized finance (DeFi), particularly through innovative mechanisms that enhance token holder engagement.”

“預計即將到來的加密貨幣市場集會將由分散的金融（DEFI）的重大進步驅動，尤其是通過增強令牌持有人參與的創新機制。”

She cites Aave’s recent proposal to share revenue with AAVE token holders as a prime example of this trend.

她列舉了Aave最近提出的與AAVE代幣持有者分享收入的建議，這是這一趨勢的主要例子。

On the flip side, Shannon suggests that the decline in meme coins and altcoins could be a sign of broader challenges in the altcoin market.

另一方面，香農（Shannon）建議，模因硬幣和山寨幣的下降可能是Altcoin市場中更廣泛挑戰的標誌。

“The Melei controversy, pump.fun decline, and declining centralized and decentralized exchange volumes show altcoins could have a very hard time this year in my opinion.”

“ Melei的爭議，泵的下降以及下降的集中和分散的交換量表明，我認為，山寨幣今年可能很難。”

As trading volumes continue to drop, Shannon forecasts that altcoins may continue to underperform.

隨著交易量的繼續下降，香農預測，山寨幣可能會繼續表現不佳。

“Even in a BTC bull run altcoins could underperform.”

“即使在BTC公牛運行中，山寨幣也可能表現不佳。”

As we move into Q2 2028, both ElDeeb and Shannon anticipate continued market volatility. External macroeconomic conditions like US tariffs, interest rate decisions, and geopolitical factors will largely shape the market.

當我們進入2028年第2季度時，Eldeeb和Shannon都預計市場持續波動。外部宏觀經濟狀況，例如美國關稅，利率決策和地緣政治因素將在很大程度上影響市場。

While ElDeeb maintains a generally optimistic view, predicting a recovery for both Bitcoin and Ethereum, Shannon advises caution, particularly with altcoins.

儘管Eldeeb保持普遍樂觀的看法，預測比特幣和以太坊的恢復，但香農建議謹慎，尤其是對山寨幣。

For investors, diversification remains key. ElDeeb emphasizes the value of Bitcoin’s fixed supply and decentralization, which have historically helped it recover from turbulent periods.

對於投資者而言，多元化仍然是關鍵。 Eldeeb強調了比特幣的固定供應和權力下放的價值，這些供應和權力下放有助於其從動蕩的時期中恢復過來。

“We consider these market corrections as great market entry

“我們認為這些市場更正是出色的市場進入