標準特許分析師說

根據標準特許分析師傑夫·肯德里克（Geoff Kendrick）的說法，比特幣從本年開始的低迷將讓位於新的集會，以紀錄最高點。

Standard Chartered's Geoff Kendrick is expecting Bitcoin to hit a new all-time high this quarter, with several tailwinds helping to push the apex token to $120,000, the digital asset analyst said on Monday.

這位數字資產分析師週一表示，標準憲章的傑夫·肯德里克（Geoff Kendrick）預計比特幣將在本季度達到新的歷史最高水平，有幾條尾風有助於將Apex令牌提高到120,000美元。

Kendrick, the global head of digital assets research, anticipates that the apex token will reach its next record high in the coming months, as broader market trends and investor activity suggest the next bitcoin rally is fast approaching.

全球數字資產研究負責人肯德里克（Kendrick）預計，頂點代幣將在未來幾個月內達到下一個記錄，因為更廣泛的市場趨勢和投資者活動表明，下一個比特幣集會快到了。

“While timing sharp rises in bitcoin is difficult, we think the current period of potential strategic asset reallocation away from US assets may trigger the next such upswing,” he wrote.

他寫道：“雖然比特幣的時機急劇上升是困難的，但我們認為目前潛在的戰略資產重新分配遠離美國資產的時期可能會觸發下一個這樣的上升。”

“If so, we would expect a new all-time high to be reached in Q2 with further gains over the summer. We maintain our year-end forecast of USD 150,000.”

“如果是這樣，我們預計將在第二季度將在夏季進一步增長的新歷史最高水平。我們維持我們的年終預測為15萬美元。”

The crypto perma-bull's remarks provide an upbeat outlook on an asset that's seen a disappointing performance so far this year. Hopes were high that crypto-friendly policies from Washington would propel bitcoin to more gains as it lost momentum after touching $109,000 in January.

Crypto Perma-Bull的言論為今年迄今為止令人失望的表現提供了令人失望的資產展望。希望華盛頓的加密友好政策會推動比特幣獲得更多收益，因為它在一月份觸及109,000美元後失去了動力。

But Kendrick sees three reasons the token is poised for a surge.

但是肯德里克（Kendrick）看到令牌有望激增的三個原因。

Economic jitters raise bitcoin's appeal

經濟抖動提高了比特幣的吸引力

First, economic uncertainties are creating a nurturing environment for crypto. Tariffs and threats against Federal Reserve independence have diminished investor appetite for traditional safe-haven trades, like U.S. Treasuries and the dollar, as markets grow unsettled about broader disruptions to long-term monetary and trade norms.

首先，經濟不確定性為加密創造了一個養育環境。隨著市場對長期貨幣和貿易規範的更廣泛的破壞，對美聯儲獨立性的關稅和對美聯儲獨立性的威脅降低了投資者對傳統避風港行業的需求。

Yet, government-sector risks often directly benefit bitcoin, Kendrick said. An annual high in the 10-year Treasury’s term premium, or the amount of compensation investors demand for holding the asset, suggests that the token could now catch up to recent gains in gold, as the rates upcycle stalls and investors prepare for a pivot in monetary policy.

肯德里克說，然而，政府部門的風險通常直接受益於比特幣。每年的10年財政期限溢價或投資者要求持有該資產的薪酬金額的年度高點表明，隨著利率升級攤位和投資者為貨幣政策準備的準備，代幣現在可以趕上最近的黃金收益。

“ETF flows for the latest week suggest that this rotation between safe-haven assets is already underway, with flows from gold ETFs into Bitcoin ETFs.” If this continues, it suggests that investors are beginning to view bitcoin as a better safe-haven than the yellow metal.

“最近一周的ETF流動表明，安全資產之間的這種旋轉已經在進行中，從黃金ETF流向比特幣ETF。”如果繼續這樣做，這表明投資者開始將比特幣視為比黃色金屬更好的安全。

Tariff buying

關稅購買

Second, the Standard Chartered analysis shows that U.S. investors have been snapping up bitcoin since President Donald Trump announced a 90-day delay of most reciprocal duties on April 9.

其次，標準的特許分析表明，自4月9日唐納德·特朗普總統宣布大多數倒數稅的延遲90天以來，美國投資者一直在搶購比特幣。

“Since then, while both tech stocks and Bitcoin are higher, Bitcoin has outperformed. The correlation breakdown and US buying suggest that US investors are seeking non-US assets.”

“從那時起，儘管技術股票和比特幣都更高，但比特幣的表現都優於。相關性細分和美國購買表明，美國投資者正在尋求非美國資產。”

Bitcoin hit its lowest price for 2024 on April 8, when it was trading at around $76,000. It has soared 22% since then.

比特幣在4月8日達到2024年的最低價格，交易價格約為76,000美元。從那時起，它已經飆升了22％。

Meanwhile, bitcoin “whales,” or investors who own more than 1,000 bitcoins, have been piling up tokens amid the tariff-induced price slump, Kendrick added.

同時，在關稅引起的價格低迷的情況下，擁有1000多個比特幣的比特幣“鯨魚”或擁有1000多個比特幣的投資者一直在堆積。

More catalysts building

更多的催化劑建築

Investors should also keep an eye out for 13Fs filed with the Securities and Exchange Commission from U.S. ETFs in mid-May to see if there’s an indication of more institutional support for bitcoin.

投資者還應留意在五月中旬向美國ETF提交的美國ETF提交的13FS，以查看是否有對比特幣提供更多機構支持的跡象。

Kendricks expects the latest filings to to demonstrate increased buying from pension funds and sovereign wealth funds.

肯德里克斯（Kendricks）預計，最新的文件將證明從養老基金和主權財富基金中購買的購買增加。

“Crucially, we expect to see more institutions buying bitcoin in 13F filings for Q1 2024. For example, we expect to see new or increased 13F holdings in bitcoin by major U.S. pension funds (e.g. CalPERS) and university endowments (e.g. Yale, Harvard, Princeton).

“至關重要的是，我們希望看到更多的機構在第1季度的2024年在13F文件中購買比特幣。例如，我們希望美國主要養老基金（例如CalPers）和大學捐贈基金（例如，耶魯大學，哈佛，普林斯頓）看到比特幣的新或增加的13F持股。

Finally, Trump has mentioned the possibility of stablecoin legislation this summer, a move that could provide a fresh tailwind to the crypto market as it continues to expand into the mainstream financial system.

最後，特朗普在今年夏天提到了斯塔布爾幣立法的可能性，此舉可能會為加密貨幣市場提供新的方風，隨著它繼續擴展到主流金融體系。