定量贸易公司Presto研究主管Peter Chung说

定量贸易公司Presto研究主管Peter Chung在周一在CNBC的Squawk Box上进行了现场采访，重申了他坚信比特币可以达到210,000美元

The news articles highlight a recent interview on CNBC's Squawk Box with Peter Chung, Head of Research at quantitative trading firm Presto. Chung, known for his bold predictions, maintained his firm's Bitcoin price target of $210,000 by year-end 2025 despite the recent market downturn.

新闻文章重点介绍了最近在CNBC的Squawk盒子上与定量贸易公司Presto研究主管Peter Chung进行的一次采访。 Chung以其大胆的预测而闻名，尽管最近的市场下跌，但到2025年，他公司的比特币目标价为210,000美元。

"We have not changed our market outlook," Chung asserted. "Bitcoin target price remains $210,000, driven by institutional adoption and the global liquidity expansion."

钟断言：“我们没有改变市场前景。” “由机构采用和全球流动性扩张驱动的比特币目标价格仍然是210,000美元。”

This optimistic outlook stands in stark contrast to the skepticism of some market analysts, who have expressed doubts over the possibility of Bitcoin reaching such high levels. However, Chung's predictions are based on a unique macroeconomic model developed by Presto, which factors in variables like global M2 money supply, central bank balance sheet trajectories, and institutional order-flow data.

这种乐观的前景与一些市场分析师的怀疑形成了鲜明的对比，他们对比特币达到如此高的可能性表示怀疑。但是，Chung的预测基于Presto开发的独特宏观经济模型，该模型的因素是全球M2货币供应，中央银行资产负债表轨迹和机构订单流数据等变量的因素。

"The proportion of block trades above $10 million in Bitcoin perpetual futures is back above 7 percent of total volume for the first time since November 2023," Chung revealed.

Chung透露：“自2023年11月以来，比特币永久期货超过1000万美元的比特币永久期货的比例恢复了总数的7％。”

According to Chung, the optimistic price target is also linked to the urgency of investors seeking geopolitical insurance in a world rife with macroeconomic instability.

钟表示，乐观的目标目标还与在世界上宏观不稳定的世界盛行中寻求地缘政治保险的投资者的紧迫性有关。

"Most of the time Bitcoin behaves like a risk-on asset, especially during periods of low inflation and high economic growth. But it's during a crisis that Bitcoin behaves like gold, offering a store of value and a hedge against inflation. These moments are rare, Chung explained. "They happen only when the market has doubts about the stability of the US-dollar-dominated financial system, such as during the Covid crisis or the invasion of Ukraine, and that's what we saw in the month of April."

“大部分时间比特币的行为就像是风险对货币的行为，尤其是在低通货膨胀和高经济增长的时期。但是，在危机期间，比特币的行为就像黄金一样，提供了价值和对冲通货膨胀的储存。这些时刻很少见。这就是我们在四月看到的。”

The interview unfolded as follows:

采访进行如下：

The anchors questioned Chung about the surprising surge in gold prices in April, while Bitcoin initially lagged. Chung responded by attributing it to a "mid-cycle purge," where overheated leverage in crypto markets got flushed out ahead of the next bull market leg.

锚向Chung询问了4月的黄金价格上涨，而比特币最初落后。 Chung的回应是将其归因于“中期清除”，在加密货币市场中，过热的杠杆作用在下一个牛市市场之前被冲出。

"We observed that the bulk of the move in gold prices occurred in the final week of April, specifically on April 20, when the administrative part of the U.S. debt-ceiling crisis reached its peak, leading to a panic-driven selloff in risk assets across the board. This coincided with the complete liquidation of large leveraged token traders, a phenomenon we hadn't witnessed since the FTX collapse in November 2023."

“我们观察到，黄金价格的大部分举动发生在4月的最后一周，尤其是在4月20日，当时美国债务危机的行政部分达到了顶峰，导致全面的风险资产抛弃了恐慌驱动的抛售。这与大型杠杆式交易者的完全清算相吻合。

The interviewers pressed further, asking what would lead to a downward revision of the $210,000 price target. Chung replied that two main factors could affect their outlook.

面试官进一步施压，询问什么会导致210,000美元目标目标的下降。 Chung回答说，两个主要因素可能会影响其前景。

"A lasting collapse in real global M2, which would strangle risk capital and suppress the liquidity premium that pushes scarce digital assets higher, or a fatal consensus bug or governance failure inside the Bitcoin network—an event that has never happened in fifteen years but that any quantitative risk model must include."

“实际的全球M2持续崩溃，它将扼杀风险资本并抑制流动性溢价，这将稀缺的数字资产推动了更高的数字资产，或者比特币网络内的致命共识虫子或治理失败，这一事件在十五年以前从未发生过，但任何定量风险模型都必须包括。”

Chung concluded by saying that, ultimately, the path of Bitcoin prices will depend on the choices investors make.

Chung结束时说，最终，比特币价格的道路将取决于投资者所做的选择。