当我们进入2025年第2季度时，全球加密货币市场发现自己在宏观经济和地缘政治压力的复杂交汇处。

比特币的未来：看涨还是看跌？两位分析师对比特币有看涨的前景，尽管对其短期波动的看法不同。

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

当我们进入2025年第二季度时，全球加密货币市场发现自己在宏观经济和地缘政治压力方面取得了复杂的交集。

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.

尽管第一季度的以太坊跌幅了近40％，但两位分析师 - 来自21shares的Leena Eldeeb和Coinshares的Max Shannon - 提供了独特而有见地的观点，即新季度加密货币空间的期望。

Bitcoin at $90,000: A Feasible Goal?

比特币的$ 90,000：一个可行的目标？

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.

两位分析师对比特币有看涨的前景，尽管对其短期波动的看法不同。 Leena Eldeeb认为旗舰加密货币有可能超过90,000美元的大关。

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%.

宏观经济因素可能会引起这种激增，例如美国美联储降低的速度，该储备金目前为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印刷率提高了预期的较柔和的预期。应该降低速率，我们可以期望看到一波流动性流入风险资产，将股票推向股票和比特币超过关键阻力水平。”

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.

她认为，比特币最终在今年年底达到了15万至200,000美元之间的范围，并受到越来越多的监管清晰度和政治支持的支持，例如特朗普总统提出的战略加密保护区的提议。

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，马克斯·香农（Max Shannon）对比特币的近期前景更加谨慎。他预测，比特币将继续在第2季度的70,000至90,000美元之间的范围内进行交易，并受到持续关税问题的限制。

“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.”

“他们被解除的那一刻可能会给股​​票和加密货币市场带来巨大的福音。我们可以期望像2024年特朗普宣布潜在的交易时看到市场上的强烈集会。”

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

但是，分析师认为，随着这些宏观因素的发挥，市场可能会经历波动。

Will Ethereum Manage a Comeback?

以太坊会管理卷土重来吗？

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.

两位分析师都承认以太坊的斗争，尤其是第1季度下降了近40％。但是，他们还强调了可以支持下一季度恢复的关键发展。

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

Eldeeb指出，以太坊即将进行的升级Pectra升级，预计将提高积分和网络可扩展性。

“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.”

“随着Pectra的推出，以太坊的积分也将得到改善。预计这些变化将提高支持型产品的吸引力。”

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，她还看到了来自Solana和Sui等其他区块链平台的竞争日益激烈，这些平台吸引了交易速度更快，更便宜的零售用户。尽管如此，Eldeeb仍然对以太坊的长期潜力保持乐观，尤其是随着可伸缩性解决方案开始生效。

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

然而，香农对以太坊的未来更加怀疑，特别是在货币和智能合同空间中持续的挑战。

“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.”

“我们可以说，以太坊正试图作为货币资产，努力与比特币竞争的货币资产，以及作为智能合同平台，在那里它面临来自Solana的强烈竞争。”

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

香农还重点介绍了以太坊不断变化的货币政策，以及不断增加的技术债务，因为担心可能会在短期内限制其增长。

DeFi and AI: The Next Big Trend in Crypto?

Defi和AI：加密货币的下一个重大趋势？

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.

诸如特朗普，梅拉尼亚和天秤座等名人模因硬币的兴衰是第1季度2025年的热门话题。两位分析师都同意，从长远来看，围绕这类代币的炒作不太可能得到维持。

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）在塑造下一个趋势方面的重要性日益增长。

“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.”

“预计即将到来的加密货币市场集会将由分散的金融（DEFI）的重大进步驱动，尤其是通过增强令牌持有人参与的创新机制。”

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

她列举了Aave最近提出的与AAVE代币持有者分享收入的建议，这是这一趋势的主要例子。

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，香农（Shannon）建议，模因硬币和山寨币的下降可能是Altcoin市场中更广泛挑战的标志。

“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的争议，泵的下降以及下降的集中和分散的交换量表明，我认为，山寨币今年可能很难。”

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

随着交易量的继续下降，香农预测，山寨币可能会继续表现不佳。

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

“即使在BTC公牛运行中，山寨币也可能表现不佳。”

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.

当我们进入2028年第2季度时，Eldeeb和Shannon都预计市场持续波动。外部宏观经济状况，例如美国关税，利率决策和地缘政治因素将在很大程度上影响市场。

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

尽管Eldeeb保持普遍乐观的看法，预测比特币和以太坊的恢复，但香农建议谨慎，尤其是对山寨币。

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.

对于投资者而言，多元化仍然是关键。 Eldeeb强调了比特币的固定供应和权力下放的价值，这些供应和权力下放有助于其从动荡的时期中恢复过来。

“We consider these market corrections as great market entry

“我们认为这些市场更正是出色的市场进入