尽管存在波动性担忧，比特币 (BTCUSD) 价格预测仍认为 2025 年仍有上涨空间

比特币（BTCUSD）在 2024 年表现强劲，突破了许多价格里程碑（包括 10 万美元），因为多种因素综合提高了投资者对这种领先加密货币的信心。

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.

比特币（BTCUSD）在 2024 年表现出色，突破了多个价格里程碑（其中包括 10 万美元），多种因素共同提升了投资者对这种领先加密货币的信心。

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.

首先是对 1 月份开始交易的现货比特币交易所交易基金 (ETF) 的需求，然后是减半的兴奋，限制了新比特币的供应，然后是唐纳德·特朗普连任后对加密货币支持政策的希望，他在选举后的几项任命似乎强化了这一点。

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.

尽管美联储明年降息的最新预测震动了加密货币市场，但上述的一些乐观情绪仍然存在——尽管专家表示，如果美联储放慢降息行动，国债收益率可能会保持高位，从而吸引投资者离开来自比特币和其他风险资产。

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

因此，一些分析师仍然看好比特币，但警告未来的波动性。

Analysts See More Room to Run for Bitcoin

分析师认为比特币还有更大的上涨空间

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."

在美联储会议震惊之前，数字资产管理公司 Bitwise 对 2025 年比特币的预测首次突破 20 万美元。如果联邦政府采纳参议员 Cynthia Lummis 购买 100 万比特币作为“战略比特币储备”的计划，这一数字将上升至 50 万美元。

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.

当选总统特朗普也支持比特币战略储备的想法，但政府可以持有多少比特币、是否会增加其现有持有量以及此类储备的目的是什么，目前还不清楚。

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.

渣打银行分析师对比特币也有类似的价格预期，他们同意 Bitwise 的预测，即 2025 年现货比特币 ETF 的流入量将保持在今年的水平。这些基金将比特币作为基础证券，并且需要在投资者向其注入资金时购买比特币。 Farside Investors 的数据显示，今年迄今为止，比特币 ETF 的净流入已超过 360 亿美元。

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.

最后，分析师对 VanEck 持乐观态度，但程度较小。他们预计比特币价格将在 2025 年达到 180,000 美元的高位，并伴有波动：他们预计比特币价格在今年早些时候触及新高后下跌了约三分之一 (30%)，随后在夏季达到峰值之前会经历一段盘整期临近年底。

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

截至上次检查，比特币交易价格约为 95,000 美元，加密货币总市值约为 3.26 万亿美元。