标题：分析师警告

自去年11月以来，N已滑到其最低点，这引起了交易者的关注，即可能会造成更多损失的可能性。

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

比特币的价格下跌至去年11月以来的最低点，引发了交易者对进一步损失的可能性的关注。

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，人们认为反弹可能并不遥远 - 尤其是如果加密货币继续跟踪美国股票市场上更广泛的趋势。

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.

来自Coinshares的Christopher Bendiksen在2020年Covid-19崩溃期间比特币目前的行为与其戏剧性动作之间的相似之处。那时，数字资产跌落了50％以上，只是随着政府将流动性推向经济，迅速而有力的恢复。

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建议我们可以目睹类似的设置。他指出，比特币的价格通常会在全球M2货币供应中的变化大约三个月。基于此，在市场发现稳固的基础之前，可能仍然有进一步的浸入空间（可能会降至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.

他还强调，比特币的极端流动性倾向于在经济冲击的早期阶段使其更具反应性。但是，一旦更广泛的市场进行调整，就像2020年的情况一样，它在历史上很快就稳定下来。他指出，这种恢复在很大程度上受到了积极的中央银行政策和财政刺激的促进，这最终帮助比特币在次年达到了新的纪录。

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.

展望未来，本尼克森（Bendiksen）认为，类似的催化剂，例如美联储和特朗普领导的政府的扩张政策的潜在货币宽松，也应该再次引起强劲的上升趋势。但是他警告说，如果这些支持条件未能实现，加密货币市场可能会面临长时间的衰退，在供需达到平衡之前，需要进一步的损失。