伯恩斯坦（Bernstein

金融分析公司伯恩斯坦（Bernstein）保持乐观，并保持其比特币20万美元的雄心勃勃的预测。

Recently, the financial analysis firm Bernstein expressed optimism despite the recent drop in prices and maintained its ambitious forecast of $200,000 for bitcoin. Its analysts view this correction as a strategic buying opportunity ahead of the next cycle peak.

最近，尽管价格下跌，但金融分析公司伯恩斯坦（Bernstein）表示乐观，并保持了比特币200,000美元的雄心勃勃的预测。它的分析师将这种更正视为在下一个周期峰之前的战略购买机会。

Bernstein Predicts a Bitcoin at $200,000 in 12 Months

伯恩斯坦预测比特币在12个月内为20万美元

Bernstein published this week an analysis note sent to The Block, in which its experts maintain their price target of bitcoin at $200,000 over a 12-month horizon. This projection comes as the crypto market experiences a significant correction phase, with bitcoin recently falling below the $87,000 mark.

伯恩斯坦（Bernstein）本周发表了一份分析通知，该说明发给了该街区，其专家在12个月内将其比特币的目标目标保持在20万美元。该预测是因为加密货币市场经历了一个重大的校正阶段，而比特币最近低于$ 87,000。

According to Bernstein’s analysts, a price below $80,000 would represent a particularly attractive entry point for investors. “We believe that price levels below $80,000, if sentiment continues to weaken, would offer an interesting risk-reward ratio for investors looking to position themselves for the next 12 to 18 months towards new cycle peaks,” they specify in their report. This view is based on their conviction that bitcoin has not yet reached its cyclical peak.

根据伯恩斯坦的分析师的说法，低于80,000美元的价格对投资者来说是一个特别有吸引力的入口点。他们在报告中指出：“我们认为，如果情绪继续削弱，低于80,000美元的价格水平将为希望在接下来的12到18个月定位的投资者提供一个有趣的风险奖励比率。”这种观点是基于他们的信念，即比特币尚未达到其周期性峰值。

Bernstein’s bullish position rests on a fundamental thesis: bitcoin is establishing itself as a “digital gold “ asset class, driven by accelerating institutional and sovereign demand. According to their analysis, capital inflows from institutions and companies should continue to grow throughout the current cycle, thereby supporting the price progression towards their $200,000 target.

伯恩斯坦（Bernstein）的看涨立场基于一个基本论文：比特币将自己确立为“数字黄金”资产类别，这是由加速机构和主权需求驱动的。根据他们的分析，机构和公司的资本流入应在整个当前周期中继续增长，从而支持其价格为200,000美元的目标。

A Market in Correction Facing Multiple Challenges

面临多重挑战的纠正市场

Bernstein’s reassessment comes in a particularly tense market context. Bitcoin recently fell below $87,000, its lowest level since November 2024, losing over 7% in 24 hours. This decline is part of a broader corrective trend driven by several factors identified by analysts.

伯恩斯坦的重新评估是在特别紧张的市场环境中。比特币最近下跌低于87,000美元，这是自2024年11月以来的最低水平，在24小时内损失了7％以上。这种下降是由分析师确定的几个因素驱动的更广泛纠正趋势的一部分。

Among the causes of this volatility, Bernstein notably cites the consequences of the major Bybit hack, estimated at $1.5 billion, as well as the controversy surrounding the Libra token backed by Argentine President Javier Milei.

在这种波动性的原因中，伯恩斯坦特别引用了主要的bybit hack的后果，估计为15亿美元，以及围绕阿根廷总统贾维尔·米利（Javier Milei）支持的天秤座代币的争议。

Additionally, U.S. Bitcoin ETFs recorded over $516 million in outflows in a single day, bringing total withdrawals to $1.14 billion in two weeks, according to data from Farside Investors.

此外，根据Farside Investors的数据，美国比特币ETF在一天之内记录了超过5.16亿美元的流出，使两周内的总撤资达到11.4亿美元。

Alongside these sector-specific events, analysts emphasize that “the Bitcoin market follows the general risk sentiment of stocks, driven by macroeconomic concerns around ever-increasing interest rates“.

除了这些领域特定的事件外，分析人士强调：“比特币市场遵循股票的普遍风险情绪，这是由于对不断增长的利率的宏观经济问题所驱动的。”

An Accumulation Dynamic That Continues

继续的累积动态

The trade tensions between Washington and Beijing, with the announcement of a possible visit by Xi Jinping to the United States, as well as growing concerns over AI investment spending, also contribute to this volatility. This analysis aligns with that of Iliya Kalchev from Nexo, who notes that “global economic factors exert considerable influence on the crypto market, making bitcoin vulnerable to external pressures. ”

华盛顿和北京之间的贸易紧张局势，宣布习近平对美国的可能访问，以及对AI投资支出的日益担忧，也会导致这种波动。该分析与Nexo的Iliya Kalchev的分析保持一致，后者指出：“全球经济因素对加密货币市场产生了相当大的影响，使比特币容易受到外部压力的影响。透明

Against this bearish trend, some institutional players like Strategy continue to strengthen their position. Between February 18 and 23, the company acquired an additional 20,357 BTC for $1.99 billion, bringing its total to nearly 500,000 bitcoins, or about 2.3% of the global supply.

违反这种看跌趋势，一些像战略这样的机构参与者继续加强其立场。在2月18日至23日之间，该公司以19.9亿美元的价格收购了20,357 BTC，将其总数达到近500,000比特币，约占全球供应量的2.3％。

Despite the current volatility and the 76% drop in Bitcoin blockchain activity, Bernstein remains confident in its long-term projection. As Raoul Pal reminds us, “in 2017, we experienced five corrections of over 28%, each lasting two to three months, before reaching new highs.” This historical perspective suggests that corrections are an integral part of bitcoin’s bull cycles and could even offer strategic opportunities for patient investors.

尽管目前的波动性和比特币区块链活动的76％下降，但伯恩斯坦仍然对其长期投影充满信心。正如劳尔·帕尔（Raoul Pal）提醒我们的那样，“在2017年，我们经历了五个超过28％的修正，每次持续了两到三个月，然后才达到新的高点。”这种历史观点表明，更正是比特币牛周期不可或缺的一部分，甚至可以为患者投资者提供战略机会。