研究人员预测，随着投资者将注意力重新转向传统资产，比特币涨势可能会在短期内放缓

英国跨国银行数字资产研究员 Geoff Kendrick 预测，比特币可能会进一步下跌，短期内可能触底至 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.

渣打银行最近的一项分析表明，比特币的价格在短期内可能会进一步下跌，在从历史高位急剧逆转后，可能会触底至 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.

英国跨国银行数字资产研究员杰夫·肯德里克(Geoff Kendrick)表示，美国当选总统唐纳德·特朗普(Donald Trump)挑选的财政部长在此次价格下跌中发挥了一定作用。

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.

作为对冲基金经理，斯科特·贝森特的任命导致美国国债上涨，5至30年期国债收益率下降了10多个基点。

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

肯德里克将此归因于“贝森特宣布后美国国债期限溢价减少”。

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

作为财政保守派，贝森特预计将实施稳定传统金融市场的政策。

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，加上特朗普放松管制和减税的承诺，已将投资者的注意力转向美国国债等传统资产。

"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."

肯德里克写道：“比特币的涨势在短期内可能会放缓，因为它的核心用途之一是对冲传统金融问题，例如银行业不稳定或政府财政政策。”

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

随着国债市场上涨，比特币作为避险资产的吸引力可能会暂时减弱。

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

在特朗普的整个竞选过程中，他对关税的立场引发了人们对通胀上升的担忧，这通常会抑制对美国国债的需求。

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，由于贝森特预计将采取更加谨慎的财政方针，通胀担忧有所缓解，导致美国国债反弹并降低比特币的直接吸引力。

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 日特朗普出人意料地获胜后，比特币经历了大幅上涨，几天之内从选举之夜的 70,000 美元以下飙升至 99,645 美元的历史新高。

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

投资者期待一个对加密货币友好的政府，并承诺进行监管改革和支持数字资产，进一步提振市场情绪。

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

然而，涨势遇到了接近10万美元的阻力，引发了本周的大幅反转。

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

尽管存在短期阻力，肯德里克仍对比特币的长期潜力持乐观态度。

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.

他预计，在更广泛的采用和监管清晰度的推动下，加密货币到 2024 年底可能会反弹至 125,000 美元，到 2025 年底将达到惊人的 200,000 美元。

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

肯德里克写道：“比特币还有增长空间。”他强调，尽管投资者情绪暂时发生变化，但加密货币的基本面依然强劲。

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

比特币和传统市场之间的相互作用表明了加密货币生态系统日益复杂。

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.

随着比特币现已深入融入更广泛的金融体系，其价格在很大程度上受到传统市场动态的影响，例如国债收益率和政府任命。

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

在最近的这次反弹中，加密货币差点触及 100,000 美元，这突显了加密货币的波动性及其价格走势的不可预测性。

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.

同时，它也表明该资产的弹性及其在散户和机构投资者投资组合中日益增强的作用。

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.

比特币与六位数里程碑的擦肩而过可能以短期挫折告终，但围绕全球最大加密货币的叙述还远未结束。

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.

随着市场继续消化特朗普总统任期和保守派财政部长的影响，比特币作为对冲资产和增长资产的地位可能会受到重新审视。

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

尽管未来几周可能会考验比特币投资者的决心，但至少根据渣打银行的说法，长期轨迹仍然向上。