標題：分析師警告

自去年11月以來，N已滑到其最低點，這引起了交易者的關注，即可能會造成更多損失的可能性。

Bitcoin price slipped to its lowest point since last November, sparking concern among traders about the potential for further losses.

比特幣的價格下跌至去年11月以來的最低點，引發了交易者對進一步損失的可能性的關注。

However, there’s a view that a rebound might not be far off—particularly if the cryptocurrency continues to track the broader trends seen in the U.S. equity markets.

但是，人們認為反彈可能並不遙遠 - 尤其是如果加密貨幣繼續跟踪美國股票市場上更廣泛的趨勢。

Christopher Bendiksen from CoinShares drew a parallel between Bitcoin’s current behavior and its dramatic movement during the 2020 COVID-19 crash. Back then, the digital asset plunged over 50%, only to stage a swift and powerful recovery as governments pumped liquidity into the economy.

來自Coinshares的Christopher Bendiksen在2020年Covid-19崩潰期間比特幣目前的行為與其戲劇性動作之間的相似之處。那時，數字資產跌落了50％以上，只是隨著政府將流動性推向經濟，迅速而有力的恢復。

Bendiksen suggests that we could be witnessing a similar setup. He pointed out that Bitcoin’s price often trails changes in global M2 money supply by about three months. Based on this, there may still be room for a further dip—possibly down to $60,000 or lower—before the market finds solid footing.

Bendiksen建議我們可以目睹類似的設置。他指出，比特幣的價格通常會在全球M2貨幣供應中的變化大約三個月。基於此，在市場發現穩固的基礎之前，可能仍然有進一步的浸入空間（可能會降至60,000美元或更低）。

He also highlighted that Bitcoin’s extreme liquidity tends to make it more reactive during the early stages of economic shocks. However, it has historically stabilized quickly once the broader market adjusts, as was the case in 2020. That recovery, he notes, was largely fueled by aggressive central bank policies and fiscal stimulus, which ultimately helped Bitcoin reach new record highs the following year.

他還強調，比特幣的極端流動性傾向於在經濟衝擊的早期階段使其更具反應性。但是，一旦更廣泛的市場進行調整，就像2020年的情況一樣，它在歷史上很快就穩定下來。他指出，這種恢復在很大程度上受到了積極的中央銀行政策和財政刺激的促進，這最終幫助比特幣在次年達到了新的紀錄。

Looking ahead, Bendiksen believes that similar catalysts—such as potential monetary easing by the Federal Reserve and expansionary policies from a Trump-led administration—could again ignite a strong upward trend. But he cautioned that if those supportive conditions fail to materialize, the crypto market could be facing a prolonged downturn, with further losses needed before supply and demand reach equilibrium.

展望未來，本尼克森（Bendiksen）認為，類似的催化劑，例如美聯儲和特朗普領導的政府的擴張政策的潛在貨幣寬鬆，也應該再次引起強勁的上升趨勢。但是他警告說，如果這些支持條件未能實現，加密貨幣市場可能會面臨長時間的衰退，在供需達到平衡之前，需要進一步的損失。